I am being patient here and waiting for oil to bounce around theses levels before gaining support around the $34-35 area where I will look to get long some commodity names. The S&P has broken its 50 dma and temporary support so I want to be very cautious here and not get caught in some panic selling. I want to be waiting cash in hand to do some buying. I ultimately think the S&P will find support around the 850-860 but should we blow past that I would wait it out.
A couple really close to their 52 wk low which they defended last a few weeks back:
MTL PCX
A few of my favorites I am looking for pullbacks in
XCO 8ish
XTEX 4ish
SD 6ish
XTXI DNN - already long starters here, being patient for add points
SGR
Well here I will just post the list again and highlight my favorites in yellow.
Send me an e-mail at traderjax@rocketmail.com if you want me to just send you the list.
JAX
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