The bears had a chance yesterday. And they tried. But they fumbled the ball and in my opinion the Bulls have the ball, probably about 2nd a 5 situation…. so a good chance to make headway. I think the semiconductor sector is a good long choice. This includes AMD, MU, QCOM. I also like a couple of boring stocks with cheap options in JNJ and SBUX. Lastly, the banks look good and JPM is my choice there. On the attached chart you can see the trendline breakout for AMD. Then it failed back into the breakout area. Now it’s back through the former down trend line again. I don’t think Wednesday low will be breached without a tradeable rally first.
OXY had another decent day today after my Monday buy. I think some more room on the upside here, but not too much in the very short run. I would look to take profits on strength on the call options here on Thursday.