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Crude Falls Hard as NASDAQ Shines

|Includes: DIA, FAS, FAZ, OIL, Invesco QQQ ETF (QQQ), SPY, UCO, USO

Disappointing economic data kicked off the morning session with heavy volume selling. The real story to kick off the day was the IEA releasing crude oil from strategic reserves. Crude fell immediately and at one point sported a $89 handle. Crude was able to find a bit of support, but the losses were quite damaging. Stocks on the other hand enjoyed a whipsaw day. Early on the market appeared as if it was about to collapse on itself only to be saved by institutions stepping up and support the major indexes at their 200 day moving average. Volume soared on the day ending 30% higher across the NYSE and NASDAQ showing institutions were willing to get in and be net buyers. By the end of the day the NASDAQ shined with Small Caps not that far behind.

Today was one heck of a day as fear gripped the early morning session with the VIX jumping above the 20 level. But, the 200 day moving average acting a perfect support level for buyers to scoup up shares. There were plenty of stocks we are watching and holding finding support intraday and not too mention a few names breaking out. While this market in the long trend appears to be very shaky, we still have a strong likelihood of a rally heading into the second quarter earnings season. Not too mention the terrible performance of June it would not be surprising to see month end fluffing to improve numbers.

In addition to logical support like the 200 day moving average, there is quite a bit of negativity in the market as well. CNBC is often throwing out stories of a market correction nearing. Not too mention twitter world where many investors are fearful of a market decline. SeekingAlpha continues to be a hot bed of “dip buyers,” but when this market truly rolls over they are likely to get HOSED. Be mindful we are in a difficult market and it will want to churn your account up.

Be prudent in this market and if you are a newbie sit back and wait for better conditions to setup before you begin operating in the market. The allure of making money will cloud sound judgment, sometimes it is best to sit on your hands and observe! Remember, always cut your losses.