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The Morning After..and Where To From Here?
Posted on 10/04/2006 08:15 AM | Link | Post Comment
Good Wednesday Morning!.
Hopefully a better day ahead after that ugly day yesterday. They tried to stablize them mid-day and then just dumped em with both hands late in the day. Nothing but selling in the last hour. But as the beacon of hope i will point to the weekly AMZ MLP chart which still to me is very constructive for an eventual breakout above 275. I can guarantee you however that breakout is not coming anytime this week but we should stablized in here.
So while we look around this morning we see Crude oil doing the dead cat bounce as its up 50 cents. Natural gas which btw rallied late yesterday continues to rally this morning. Oil stock numbers from the DOE out at 10:30am and this will be a market mover for sure.
No corporate news this morning however we do have news last night from Crosstex Energy LP (XTEX) which is buying a gas treament business to add to its own gas treatment business.
We do coverage started this morning on Crosstex (XTEX) at a buy from Key Banc this morning! I am noticing that the sheep that do these things on Wall Street have been downgrading energy stocks today...after the air came out weeks ago and they began making appearances on the new 52 week low list. The one useful thing here is to see whether these stocks rally on the downgrades...which would tell us that perhaps all the selling has already been done. And while crude has broken down on its chart note the XOI chart is tenuiously trying to hold the 1020-1040 bottom from last week.
Now lets go back to Monday's post in which we highlighted several picks for the 4th quarter. At least so far these guys have held up far better that the rest of the group which is a good sign. As always no guarantees here, but if you are putting new money to work; going to the stocks with highest relative strength in our group is not a bad strategy to follow. So lets sit back and wait and see what the first hour today brings us.
Hopefully a better day ahead after that ugly day yesterday. They tried to stablize them mid-day and then just dumped em with both hands late in the day. Nothing but selling in the last hour. But as the beacon of hope i will point to the weekly AMZ MLP chart which still to me is very constructive for an eventual breakout above 275. I can guarantee you however that breakout is not coming anytime this week but we should stablized in here.
So while we look around this morning we see Crude oil doing the dead cat bounce as its up 50 cents. Natural gas which btw rallied late yesterday continues to rally this morning. Oil stock numbers from the DOE out at 10:30am and this will be a market mover for sure.
No corporate news this morning however we do have news last night from Crosstex Energy LP (XTEX) which is buying a gas treament business to add to its own gas treatment business.
We do coverage started this morning on Crosstex (XTEX) at a buy from Key Banc this morning! I am noticing that the sheep that do these things on Wall Street have been downgrading energy stocks today...after the air came out weeks ago and they began making appearances on the new 52 week low list. The one useful thing here is to see whether these stocks rally on the downgrades...which would tell us that perhaps all the selling has already been done. And while crude has broken down on its chart note the XOI chart is tenuiously trying to hold the 1020-1040 bottom from last week.
Now lets go back to Monday's post in which we highlighted several picks for the 4th quarter. At least so far these guys have held up far better that the rest of the group which is a good sign. As always no guarantees here, but if you are putting new money to work; going to the stocks with highest relative strength in our group is not a bad strategy to follow. So lets sit back and wait and see what the first hour today brings us.
- Enjoy The View Since Its Better Than The Mlp Chart!
- Back To Work Monday!
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