Slippery Oil When Wet

**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.**

“The difference between ordinary and extraordinary is that little extra.” ~Jimmy Johnson

A bit of a strange day with a lot of weakness in many stocks, especially oil related stocks, and markets also fell back some.

Luckily, our stocks are holding up and doing very well, especially REGN and CELG and I’ve got my eye on a couple more.

Things still do look fine, but I’ve said the same thing many times this year only to see stocks just meander around.

It has been a tricky year and so far, remains so.

That said, we are grabbing gains when we can and we saw some decent ones today, although they are still only paper gains.

SPY December 9, 2014SPY remains in this channel and fine so support at 206 could, be a starting buy area while a breakout above 208 is the main buy level.

I’d like to see us break above 208 within a couple days or we do risk not breaking out.

Select stocks are doing well though and that remains our focus unless markets break down.

Enjoy your night.

Warren

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