When looking for possible swing trades it becomes important to analyze the markets on a technical basis. The one main eye catching event I have seen today is that oil and gold had a major flush around noon. This flush came as a result of the dollar spiking higher. The unique part of this flush on oil and gold was that there was a major amount of volume. When a stock or commodity flushes out on huge intra day volume it can often point to a near term bottom. With a near term bottom in place, the Top 5 list today must be focused on oil and gold and overall commodity stocks.
Top 5 Commodity Stocks/ ETF’s Looking For A Short Term Bounce
05. United States Steel Corporation (NYSE:X)
Kissed the 200ma on the daily chart and has been sold to the point of annihilation. Due for a solid bounce.
04. SPDR Gold Trust (ETF) (NYSE:GLD)
Huge volume intra day signals possible short term bottom on gold. Near term extreme oversold as dollar hits resistance.
03. United States Oil Fund LP (ETF) (NYSE:USO)
Oil long ETF that was flushed with the fall in crude today around noon. This is a no brainer for a short term bounce with the volume signaling a bottom.
02. Chevron Corporation (NYSE:CVX)
This oil related play has fallen off a cliff. It nailed a major support at $69.75 today on the daily chart. The technicals scream oversold. Be ready in the coming days.
01. Exxon Mobil Corporation (NYSE:XOM)
The #1 stock on the Top 5 after reporting great earnings less than a week ago. This stock has fallen back to a perfect double bottom from prior to the big bounce on earnings. It has also filled the gap. The daily chart remains extreme near term oversold. Exxon Mobil looks to be the king of the Top 5 short term swings at this point into next week.
Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com
