The markets have been hammered today on the back of more worries about a major double dip recession globally and in the United Sates. The SPDR S&P 500 ETF (NYSE:SPY) have been slammed down to the InTheMoneyStocks master level of $107.50. As this master level was hit, key stocks filled key gaps and became a short term swing buying opportunity.
The first stock that looks to be ready to get a short term bounce is Chevron Corporation (NYSE:CVX). Just last Monday, four days ago, Chevron gapped higher to the 50 moving average on the daily chart. Early in the day it hit a high of $77.25. By the end of the day, it had fallen negative and today it hit a low of $70.80. Yes, four days later, Chevron is almost 10% cheaper. Not only is this a nice discount but if you look closely, there was a closing gap fill level on the daily at $70.79. This happened on June 10, 2010. Today, the low of the day officially filled the gap. In my humble opinion, this is a no brainer swing trade long from this level.
Exxon Mobil Corporation (NYSE:XOM) is another one much like Chevron and should be treated the same way. After the pull back the last four days from the 50 moving average and a high of $64.50. Exxon hit a low today of $60.05. This will should also have a great bounce in the short term. To get more swing trades, guidance on the markets and education, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
