Several items to go over today: Earlier today Itz was stopped out of the ProShares Ultra short Crude Oil ETF (SCO) @ $12.30. The etf intraday got as low as $12.19 and then rallied to close @ $12.65. Needless to say the oil market was volatile today. That said oil could trend lower, as Itz maintains a $78 target and the Gold Oil Ratio's have a bit more to go on the upside, if still long SCO, raise stops accordingly.
After the close Transocean (RIG) reported earnings although it missed that isn't the issue for now that worries investors. READ CHART Views on the stock remain mixed as highlighted by 2 members of CNBC's Fast Money:
I may have bought into the fear too early but I really think the sell-off in this space is overdone, says Karen Finerman.I wouldn't go near these names. I’m hearing about a potential moratorium on deep-water drilling greater than 5,000 feet, counters Joe Terranova. In the near term I think there’s more pain for companies such as Transocean.
Itz Pix suggested RIG back in July 2009 @ $67
Walter Energy (WLT) as Itz has been highlighting on the ITZ PIX 'On The Radar' had a wild ride today with a 7 point intraday high/low spread. Itz suggest to start accumulation under $75...there wasn't a all out BUY suggestion due to the $SPX being under it's 50-ma 1170 & possibly heading to 1150 support (ITZ target 1135); also Friday's highly anticipated Jobs Report.