Crude Oil posted another $5 gain today on the back of this morning’s oil supply report, which indicated a drawdown in supplies. Stocks were set to open down, and the oil report and the Fed’s beige book report helped exacerbate the losses to the downside. The dollar pulled back a little after making nice gains the last couple of days. It remains strongest against the Yen, and may finally be attempting a serious bottom against the Euro.
Although the bias in the stock market is currently to the downside, after a few days of weakness, it is due for a bit of stability. Most of the best set ups for Thursday are potential long trades. Here is a list of good potential candidates for the long side...CNX, CLR, SOHU, CNQ, ACI, FCL, UPL and BUCY.
Good Trading!
Scott Cole
www.bestdaytradingstocks.com
www.kungfutrader.com
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