|Day Low/High||0.11 / 0.18|
|52 Wk Low/High||0.16 / 2.04|
I'd rather buy the pullbacks than attempt to call a top in the sector.
Portfolio manager David Peltier thinks this low-dollar energy stock has more room to run.
I still believe the market will back off and rally again as the intermediate-term indicators are still heading upward.
The load on the nation's electric grid rises, a grid powered mostly by natural gas.
The energy-stock slump presents long-term investment opportunities.
Based on the indicators, the market will likely become overbought this week, pull back and then rally one more time.
S&P 500 resistance is now clearly defined as 1335-1340, and it will likely be difficult to get through it on the first try.
News Corp is just the latest company that may split to improve value.
We also know volume stinks and many stocks did not participate in the rally.
I looked back and saw that for the last five weeks Tuesday has been an up day.
I suspect we attempt the upside tomorrow and then perhaps come down again early next week.
It seems like the whole world jumps on board and I immediately start wanting to fade them.
Ultra Petroleum Corporation was a leading decliner within the basic materials sector, falling 38 cents (-1.8%) to $21 on average volume.
A big up day makes us lean toward a short-term whack, a mild day means we're using up the short-term overbought reading by digestion.
For the intermediate term, they are still bullish and heading into their third week of trending higher.
The busy week will also feature the Supreme Court on Obamacare and a Fed meeting.
With the weekend elections it's probably a good idea, but don't be surprised if the market rallies through Monday.
But oddly enough, the whipsaws have not changed the indicators, which are still leaning to the positive side.
That has been directing the action, but keep in mind that the intermediate-term indicators are all grossly oversold.
The market is either going to make the right shoulder of a head-and-shoulders bottom, or it is going to test the lows.
The intermediate-term indicators continue to do their best to turn upward from deep oversold conditions.
I will dedicate this evening's letter to a discussion on the ISE Equity call/put ratio.
Perhaps it will happen this week, and then market will stage a sharp rally and head back down for a retest next week.
Today's action was likely the result of traders squaring up in front of Friday's jobs numbers and the end of an awful May.
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