Markets today declined in soft volume. Leaders held firm and the day had the feeling of normal profit taking. Oil stocks gained as crude gained 2%. Auto and energy were among the strongest groups. Indexes started the day on a sour note with news of protests from all around Europe.
From the energy group a couple of stocks are gearing up for the 200 day area. APC @59 and SLB @62.50 can be bought as they pierce those resistance lines. XEC crashed at its 50 day and closed near its lows and XOM played its recent role of laggard beautifully. CAM is building its right side and CLF has formed a bullish cup with handle base with a buy point of 68.93.
Other stocks to take note of include CRM which is nearing its 50 day at 110. It must and should hold there. UPS has a 50 day test @66. RADS had a bullish day bouncing on strong volume off its 50 day @17. That can be bought here with a stop under the 50 day. OVTI is sporting a nice double bottom pattern here. The buy stop on OVTI is 23.72.
WYNN can be shorted @88.
We were stopped out on JKS today and initiated a position in CRUS @18.
Good luck.
The author owns FCX AMT AKAM EXXI APA WLL TIBX CRUS. Short AVGO PSA
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