Oil Stocks Take Refreshing Breather
Editor's Note: This is a bonus story from Helene Meisler, whose commentary usually appears only on RealMoney. We're offering it today to TheStreet.com readers. This story was originally published at 9:07 a.m. EST today. To read Meisler's commentary regularly, please click here for information about a free trial to RealMoney.
I see that China has people worried about steel stocks. (What a great call by Street Insight's Doug Kass to short that sector Monday morning!) Folks are then making the connection that if you're going to worry about the Chinese and steel, doesn't it stand to reason we need to worry about the oil stocks as well?
I worried about the oil stocks on Feb. 28, when I posted my now-famous comparison of ExxonMobil (XOM) to Qualcomm (QCOM). In case you haven't noticed, folks, ExxonMobil is right where it was that day: Its Feb. 28 high was $64.04 and it closed yesterday at $63.10. This despite oil's $2-plus rise in the same time frame.
And no, I'm not picking on oil again, but while we're on the subject, have you noticed that when oil first traded to that $40 level, folks were chatting about oil between $30 and $40? Well, prices never came back under $40 so it took a while, but then they began to chat about oil between $40 and $50, and that $50 would be the choke point. Remember that? Remember when folks thought oil prices over $50 would cut things off?Well, now people are talking about oil between $50 and $60, and they're using $60 as the choke level.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV