Summary for today's action.
1. Several brokerages pounding the table this morning. All drillers gapped up this morning.
2. The usual profit taking arrives shortly afterward. What is different, but not surprising, is that quick retreat did not materialize this time.
3. For the entire day, the bulls and bears fought hard, with no sure sign of one winning over the other.
4. Towards the end of the day, day traders cashed in some stocks such as MDCO.
I noticed that those that managed to stay up tend to be those that got hammered the hardest in the last few sessions, e.g. PTEN, FLC, RB. Really surprised to see RIG not able to move up while DO and ATW could. Think this is a one day abberation.
So where do we go from here? Not as sure as I was at 3pm. The candles will flash white for the first time in almost 2 weeks for some drillers but not all. I'd really like to see white candles across the board. Needless to say, today's actions are insufficient to impact the Stochastics enough yet for the bottom crossover. Two more days like today maybe we will. Also, tomorrow is Friday and option expiration, who knows?? An encouraging sign is the bull and bear fight. In past sessions, there was not even a fight, we consistently got KO by 11am. A discouraging sign is nothing happened after the oil meeting in the afternoon. The big funds are not buying en mass yet, this I'm sure. |
