Reader “gatorsun” wonders whether crude oil is a buy here. It may seem, indeed, like the sexy play.
I have been cautious on the black gold for a while now. Updating the weekly chart below, note the potential for another fresh leg lower on this bearish wedge breakdown. I would avoid bottom-fishing until at lead the $30-$31 area.
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In addition to China names like HMIN HTHT, I am watching GAME for a long base breakout tomorrow on strength.
Drop me your top tickers overnight.
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Natural gas is still consolidating its recent breakout, but clearly weakening today. The ETF shows room to drop to the $19.80 breakout point, making the inverse levered DGAZ ETF a hot play today. I am flat here but considering a quick short for the remainder of this week.
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Good chart on the entire history of the 10-year yield here, posted on Stocktwits by @jackdamn via @sobata416.
Note that the TLT ETF is still sloppily consolidating and vulnerable to more downside (meaning higher rates).
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The small caps in the ETF for the Russell 2000 Index continue to churn sideways in 2014, with no clear direction in sight. As I write this, the Russell is again lagging the other major averages today.
On a brighter note, ag play CF is acting well and looks to be coiling for a breakout. Let’s see if it can get back over $238.
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