The market had a decent recovery week, but the indexes still have their work cut out if they want to go one and make some new highs. The second half of the year should be interesting.
Energy continue to me a dead weight and has been a bit of a drag on the S&P although its weighting in the S&P is a lot less than in years past, so it could be worse.
Actually as bad a XLE looks its flashing a very sold reading, so it may be good for trade on the long side this week. I will play ERX if I decide to do anything.
I’ll have some video up tomorrow, but here are two stocks that I am adding to the P&L.
ACAD buy the 50.50 level
JAZZ buy the 194.75 level
Please see the P&L tab on the blog for any entries and stop levels.
See you in the morning.