The broad market has picked up steam since my last post. After consolidating early, a breakout at 11:45 am has really pushed the market higher. Now after advancing more than a dollar (129.30 all the way up to 130.20) the SPY is cooling off marginally. I'd expect the dip to be bought as it has been all day. Crude plunged after sliding early on. The USO reached all the way down to 92.20 before a quick double bottom and retracing a fraction of its losses. There is really no edge to trading that market more than intraday. With a long weekend coming up, a storm that could that go either way, and big gap risk on the open, I would not be holding overnight.
LO is having a terrific day. That stock has really been turbocharged after announcing a $400 million dollar buyback in July and increasing its dividend dramatically to a more competitive rate more recently. PM is coming down (now 4 days in a row). Another day or two down and it may be a nice buy. In its short life, it has been a very range bound, but volatile stock. Buying low after multiple down days and selling high is the name of the game in that stock.
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