Oil Looking Good

Oil has been consolidating for the past few days and now looks ready to make a move. Let’s take a look at the ETF that tracks oil,   [[USO]] .

I love the consolidation right above all the major moving averages, this is a recipe for an explosive move. If we get some strength in the commodity, watch for the following stocks to more:

ConocoPhillips [[COP]] For the prudent investor, easy risk/reward with the 200 day moving average right underneath:

Precision Drilling Trust (USA) [[PDS]] , here’s a PPT favorite set to rocket higher:

Hercules Offshore, Inc. [[HERO]] , Here’s another one that displays a similar pattern:

Smith International, Inc. [[SII]] , closed above all my moving averages today (a local favorite):

And, I still like:

ION Geophysical Corporation [[IO]]

SandRidge Energy Inc. [[SD]]

Stone Energy Corporation [[SGY]]

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ION Geophysical Corporation [[IO]] was a company I highlighted a few weeks back, but the setup failed due to earnings. Currently, the setup is taking form again, and it may be time to give the stock another look. The reason I like this setup, the moving averages– look how they all line up together providing multiple support levels. With earnings out of the way, I think IO is good to go. I bought some this morning, noted in The PPT.

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Anthracite Capital Inc. [[AHR]] I like this pattern, however be careful earnings tomorrow:

Arbor Realty Trust, Inc. [[ABR]] hat tip to TraderMarket 24/7, this is another pattern I like:

Disclaimer: These two comapnies are not to be viewed at as investments, rather vehicles to trade.

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Monday:

• Boots and Coots International Well Control, Inc. WEL
• BPZ Resources, Inc BPZ
• Bronco Drilling Company Inc BRNC
• Capstone Turbine Corporation CPST
• Carrizo Oil & Gas, Inc. CRZO
• CLEAN ENERGY FUELS CORP CLNE
• McDermott International Inc. MDR
• Northgate Minerals Corp NXG
• Nuance Communications, Inc. NUAN
• Priceline.com PCLN
• Uranium Resources URRE

Tuesday:

• Clearwire Corporation CLWR
• Cree Inc. CREE
• GEOEYE INC GEOY
• Pan American Silver PAAS
• Sociedad Quimica y Minera de Chile SA SQM
• VAALCO ENERGY INC EGY
• VisionChina Media VISN

Wednesday:

• JA Solar Holdings Co., Ltd. JASO
• Kinross Gold KGC
• LDK Solar Co., Ltd. LDK
• Penn West Energy Trust PWE
• ReneSola Ltd. SOL

Thursday:

• Blockbuster Inc. BBI
• Dr Pepper Snapple Group, Inc. DPS
• Nordstrom JWN
• Urban Outfitters URBN
• Wal-Mart Stores Inc. WMT

Friday:

• Abercrombie & Fitch Co. ANF
• JCPenney JCP
• Petróleo Brasileiro S.A.-Petrobras PBR

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It’s amazing to me that I had to bring up a 2yr chart of the S&P 500 to see where our next resistance point would be– we have come so far, so fast! Nonetheless, when I plotted my retracement levels, I noticed that we are sitting right at the 38.2 level (a significant level):

I would like to see a strong close, if not, this level looks like it could be a breaking point.

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I own it and love it, but you guys already know that. Take a look at previous post in June, click here.

BTFO in progress:

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