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Dr. Kris has two degrees from MIT because one just wasn't enough. Her life goal was to figure out the universe and having done that (at least to her satisfaction), she decided to tackle something even more difficult—the stock market. Applying the scientific method along with an insatiably... More
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  • Intraday Market Notes: Oil Co's Under Pressure -- October 22 0 comments
    Oct 22, 2012 5:20 PM | about stocks: OIC, FXEN, TPLM, DBB, JJN, IBB, FBT

    4:00 pm ET: The major averages entered the day with a whimper but went out with a bang. This is good news for the bulls as many of these indexes were in danger of breaking some fairly significant support levels, especially the Nasdaq. As long as Mr. Nazzie can stay above 3000, all will be right with the world but a break below it will be manna for the bears. Today's big gain in Apple (NASDAQ:AAPL) did a lot in raising the index but should the stock reverse course (Apple reports earnings this Thursday), Mr. Nazzie is going to need more than a life raft to stay afloat.

    Bearish market signs include the rise in the VIX and the failure of the Dow Transports (DTX) to close in the green. Although both charts are flashing near-term bullishness (the topping tail in the VIX and the bottoming tail in the DTX), any rally attempt may be short-lived.

    In commodities, industrial metals especially were getting singled out by the bears. Shares of the base metal fund (NYSEARCA:DBB) and the nickel etf (NYSEARCA:JJN) both fell through support. Biotech has been anemic as of late, but after a strong run it appears that investors are booking profits. Tracking funds in this area that fell through support levels today are the IBB and the FBT.

    Trade Note: Oil producers under pressure
    The price of oil is slowing sinking and is taking the oil producers along with it. Names that have broken at least one support level and appear to heading lower are the following: Interoil (NYSE:IOC), FX Energy (NASDAQ:FXEN), and Triangle Pete (NYSEMKT:TPLM). All of these have options but only those of the first two are liquid. (Remember to do your due diligence on these and any other recommendations before trading!)

    Note to Subscribers: There is one new Channeling Stock and one new Stock of the Day.

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