The financials and transports are still in range trading mode, while OIH is quite near heavy resistance for now. I noticed some selling in stocks like V, MA, Solars and RTH and some Chinese stocks.
SPX pulled back to 944 by the end of the day, I think it will be hard for SPX to stay above 950 for too long. Therefore, my bias is for the market to continue trading sideways or pullback a little.
For Friday, my advice is to be cautious with the market heading into the weekend. If you wish to trade options... try going for JULY.
If OIH hits 120 I will be quite suprised, I see key resistance between 116.5 - 120. So I expect OIH to go sideways or come down to the nearest support.
As for POT, it is facing a formidable multiyear resistance at 120. I am also expecting this stock to trade sideways or go down.
XOM also facing some formidable resistance at 74 which originated from 2008
In Conclusion: Don't bet on these stocks to go any higher soon, expect them to continue trading sideways or pullback a little
I see some potential in SLB. I think this stock could hit 67 but first it has to get past 62
Another stock with a little bit more upside if the bulls still have the will power is X. But it will take some time for this stock get the capability to stay at 45 and maintain its price there
blog comments powered by Disqus