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Wednesday Outlook: Bulls Storm In

Today (July 8, 2008)’s Last Two Hours’ Rally

What a prudent trader looks for are extreme values before putting in his trades. But the market does not always oblige by steadily heading towards those extreme values, positive or negative.

The readings in SPY and QQQQ were mildly positive as of yesterday, July 7, 2008. It would have been better if there were no rally during the last two hours today, if a stronger, more sustainable rally is to become more likely.

As it is, we now have a premature rally, that began during the last two hours of today’s trading. This also means that the movement will likely be limited before a re-test of the recent low ensues.

EOG Resources: Continue to Buy on Pullbacks

There appears to be some mild resistance to upside movement around $133, at least that's what our latest price forecasts suggest. Whether EOG will break above it short-term, remains to be seen.


FORECASTS ON TICKER SYMBOL: EOG

SYMBOL, DATE, PRICE, FORECAST, PERCENT
EOG, 20080620, 130.5143, 1.3677, 1.0
EOG, 20080619, 130.3000, -0.3259, -0.3
EOG, 20080618, 133.2000, -1.8628, -1.4
EOG, 20080617, 132.3100, -2.2426, -1.7
EOG, 20080616, 129.5100, -0.6955, -0.5
EOG, 20080613, 130.3100, -1.1528, -0.9
EOG, 20080612, 128.5800, 2.8534, 2.2
EOG, 20080611, 128.3900, 0.4492, 0.3
EOG, 20080610, 128.2700, 2.5286, 2.0
EOG, 20080609, 131.8900, -4.9710, -3.8
EOG, 20080606, 128.8100, -2.3114, -1.8
EOG, 20080605, 131.2900, -1.4545, -1.1
EOG, 20080604, 124.0900, 4.5426, 3.7
EOG, 20080603, 124.0700, 6.0884, 4.9
EOG, 20080602, 127.3400, 7.8633, 6.2
EOG, 20080530, 127.8776, 6.1919, 4.8

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