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Enjoy tonight’s video, and enjoy your evening.
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After a strong rally in early-June, crude oil has since cooled off for some more backing and filling.
On the updated daily chart for the ETF, below, you will still note that black gold has been a series of higher lows throughout 2014, quite an impressive feat indeed.
In order for the bullish action to continue into the rest of the summer, today’s bullish engulfing candle now likely needs to prove true as marking a bottom for this pullback.
We traded UCO as a levered long crude instrument previously with a good entry on my core position. But once crude began to gap-fill lower it was time to step aside and reassess.
Aggressive traders can use today’s lows as a good stop-loss.
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The 30-minute small cap ETF, below, offers a good perspective on the current market.
As you can see, the Russell has been trending lower for this month of July, thus far.
The intraday bounce today could easily be a gap-fill attempt to Wednesday, but can also be a bear flag.
Overall, the pattern of lower highs and lower lows on this timeframe sees me staying in cash for now.l
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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.
Members can click here to view and save the screen.
Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
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Individually, GLUU is a big mover up today, while SRPT is getting clobbered.
The leading, marquee issues are virtually all red, though they are not necessarily cratering. Thus, cash is a preferred position here as they at least need some time to set back up.
I am also keeping an eye on a reentry into a long SWC position, which has been a base metals miner leader to the upside this year.
What are you trading this morning?
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The small caps continue to weaken off their prior highs, seen on the daily chart below.
The main downside level for bears to attack is 1,082, the “neckline” of previous lows and well-defined support.
While we remain above there currently, the threat of a major topping out pattern is still very much in play here, despite how riveting of a late-spring/early-summer rally we just witnessed.
Either way, the Russell is not trending higher in 2014. Instead, it is a long, strange trip of vacillation.
I am still in full cash on a vacation week.
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