BACK FROM DUTY
Finally, done withe Grand Jury Service, 4 weeks of interesting look into the legal system.
While gone, the market made the expected bottom, the once again reliable McClellan Summation Index. Energy and commodities have gone into bear market declines (20% drops).
It will take a few days to reacquaint. I am looking at the battered energy sector for counter-trend trading opportunity, but it remains a big if when you get a negative “tell” like FLUOR (FLR) which reports a beat, raises 2008 est., opens higher of 4 points and now trades down at recovery lows down almost 13 points from the days high. This is not how to find a bottom in a beaten sector.
As Macke on Fast Money says, buy the dips sell the rips. Then energy which is oversold should be getting close to a counter rally. Swing trading principals would dictate looking for a close above recent 2-day inter-day high to take a shot on the long side. Watch the charts. FOR TRADERS EYES ONLY!!
3 years ago • Notes