Further consolidation was seen today as the market pulled back on lower volume. This is a good sign for bulls and with a few days more rest we could easily see the market back on the move higher.
Also included tonight is a chart of Oil which is right below its 52 week highs. Oil explorations, production, drilling, services, etc. are all great areas to look for solid stock picks at this time. Some names on my watchlist currently include: BHI, BEXP, EXXI, GPOR, AREX, CHK, HP, RES, HAL, FTO, TSO, WNR, VLO, HOC, APA.
Stay frosty.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | (-) Down | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
