Oil stocks continue to decline after peaking a while ago. As crude price drops, we expect further downward movement, but the bottom may be approaching. The support for XOM locates between 52-53.
Tag Archives: Stocks
XOM
Like all energy related stocks, XOM is quite extended. This bounce may be a chance to short it. The stop can be placed somewhere above the SMA5.
XOM
Like all energy related stocks, XOM is quite extended. This bounce may be a chance to short it. The stop can be placed somewhere above the SMA5.
SINA and SOHU jumped
Chinese internet stocks jumped over 5% contrasting to the rest of market. It’s fueled by possible consolidation in China’s major internet players. SOHU closed higher too.
GOOG, INDU, SPX, RUT, QQQ, MSFT, INTC
GOOG gapped up big time today after excellent earning report. It now looks like we are back in dot com boom era when stocks move 20 points or more in a single day.
INDU is now at year’s low. The support at 9800 was borken slightly at higher than average volume. It’s very weak now. Let’s see if it can hold up above 9700. The next support is at 9500.
SPX is likely seeking support between 1095 and 1065.
RUT is in better shape with support at 560.
QQQ is so far the best among major indexes. The uptrend channel is still intact despite today’s big drop. The volume is slightly above average level.
MSFT is hurt by disappointing earning data. The support is at 27. The high volume yesterday indicated heavy selling into the resistence of previous big gap down.
INTC did not fall too much among today’s big selling in tech related stocks, which means the market has much consensus at this level. Today’s volume is light.