June 28, 2011

Watch List Update

June 28, 2011 by Kunal Desai

Watch List Update

Today we saw a strong bounce back in oil as crude appears to be putting in a base around $90/barrel. Today’s move doesn’t mean that oil is headed over $100, but the sectors are worth watching. I mentioned a handful of stocks last week and many of those trades have moved up nicely and others are still setup.

From a technical standpoint, the ETFs look really good: OIH and XLE.

OIH top components: SLB,BHI,HAL,RIG,NOV,NE,WFT

Nice falling wedge with the MACD, Stochastics, and MFI all attempting to bottom and turn back up. The major concern is the downward trending MA50. A move out of the top of the wedge and through MA50 will confirm oil is strong again.

Others to watch

CPX through sma50

TTI has a little way to go before it gets to sma50, but it also represents descending trendline.. one to watch at those levels.

SPN over sma50 out of symmetrical triangle

Boom Boom stocks 6/28/2011

June 28, 2011 by Kunal Desai

Morning folks… market indicating a slightly higher opening. spy up .48% so far in premarket going green after being slightly red most of the morning. Yesterday was a so-so day in the markets..even though the market was up most of the day there were only a handful of good breakouts that showed up. Overall just …

Market Ready to Move?

June 28, 2011 by Kunal Desai

Does today’s seemingly strong action mean we’re out of the woods and ready to move more to the upside? Or, is this just end of month window dressing and the QE2 printing press? Some are predicting a massive fall next month without Ben holding the market’s head just above water. Others believe that the earnings numbers will show that the market is going to turn back up in the second 1/2 of the year on the backs of curbed inflation. After all, commodity/energy prices have been going down allowing for better profit margins for industry and more spending power to consumers.

I, for one, tend to think we head down next week, but news/earnings/data can change all of that, so I’m not betting on my hunch. Instead, I’ll trade what the market gives… and right now, it doesn’t give much. I did well intraday today, but swinging is still tough and the charts are not really hinting too much as to which direction we’re about to proceed.

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