Futures sharply higher as oil plunges following a much weaker Hurricane Gustav cat. 2 vs. cat. 4.
Gapping Up: Select airlines and mortgage/financials also AAPL added to focus list at Piper, LOW upgraded to Buy at Goldman, LEH Korea back in the picture.
Gapping Down: Select oil/gas, metals/mining, and Agchem names
2 comments:
A strong outside bar, reversal down day on higher volume - NASDAQ, S&P and DOW. This may set the tone/direction for the next few weeks.
Hey Jim,
Good observation. As soon as oil hits the 50% Fib. retracement zone in the $100.00 area, oil/energy, metals/mining, Agchem, and secondary plays such FWLT/JOYG should get big technical bounce. Markets will retest July lows. Not sure how the USD will play out. But pretty sure it has bottomed.
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