Oil Stocks May Have Bottomed

**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups.  Subscribe to my nightly Daily Trade Ideas on the right to see the rest of this letter.**

“A man should look for what is, and not for what he thinks should be.”  Albert Einstein

A choppy day that did show some potential lows but I do need to see higher closes Friday to confirm these potential lows.

Oil stocks are the ones I’m mostly talking about but let’s see how Friday acts before I get too carried away talking about lows in place.

I did take a small options trade in SPY near the end of the day that will pay off large if we bounce well Friday.

SPY October 3, 2014SPY put in a potential low bar but we do need a higher close tomorrow above the 100 day average to confirm this.

We could move up to the 197 area tomorrow which would be a large payoff in the options I bought today.

Let’s see how it goes.

Enjoy your evening and be careful in this market until we get some better setups.

Warren

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