U.S. Oil Prices Near Six-Year Lows | Day Trading August 18

Price action and stock market breadth was solid yesterday for the bulls, but volume is still a concern.

Is this summer trading or lack of interest? U.S. oil prices near six-year lows has helped the busy summer driving season.

Something for stock traders to note is new lows and stocks closing below the 50sma both continue to increase. Today’s trading game plan should be a buying mentality despite the expected lower open. (7am)

Our tracking journal of trading setups from day-to-day has already paid dividends early in the week. These are stocks that are good ideas but not hitting levels that warrant risk/reward. This should always be the first list of trading scenarios you look at before you run new scans.

Stock Market Today: Map of the S&P 500

(click the map for a full view)

U.S. Oil Prices Near Six-Year Lows

Day Trading Game Plan: The SPY ETF Chart

SPY price action started slow but day traders were rewarded for their patience. Is this the pennant breakout we called yesterday or simply a light volume day with no sellers? As of 7am we are looking to open slightly lower. If we can find a bid and get above yesterday’s high that would be good news for bullish traders.

(click the chart for a full view)

U.S. Oil Prices Near Six-Year Lows

Stocks to Trade | Tuesday August 18, 2015

Pete’s Notes:

  • List of stocks hitting new lows continues to get bigger.
  • Stock prices of home builders and airlines on a nice run the last few weeks.
  • FB Facebook relative weakness to the stock market averages yesterday. I still believe it is headed lower this quarter.

Charts in Focus

Toll Brothers Inc. TOL

We have stalked TOL for a breakout over $40 and it triggered yesterday with a host of other stocks in the same sector showing solid buying. A flag above the break out would be healthy for another leg higher.

(click the chart for a full view)

TOL

Earnings in play today > 1M avg shares: ADI, CMCM, CSIQ, DKS, HD, SINA, TJX, WMT

Bullish Ideas ATR/Volume/Price: UA, AMZN, NFLX, AET, ADBE, NEE, MBLY, HD, VLO, TSO, NKE, MA, HON>107, TWC, EA,

Bearish Ideas ATR/Volume/Price: viab, gmcr, qrvo, uri, bidu, rrc, dvn, kss, lyb, baba, cvx, cern, wynn, unp, bhi

Weak Stock Weak Close: csiq, cvx, jd

Strong Stock Weak Close: TE

Weak Stock Strong Close: tasr, viab, yelp, tgna, wfm, myl, juno, rax, joy, tsm, bkd, utx, hot, fox, cbs, dd, ncr, symc, mmm, scty, xoma, grub, adm

Strong Stock Strong Close: BXLT, DHI, ATVI, HRB, TMUS, AET, TOL, MBLY, VLO, LEN, TSO, TTWO, TWC

20 day Breakdown: bita, cnq, el, pg, urbn, wuba, wynn

20 Day Breakout: AAL, AET, ATVI, BXLT, CAR, DHI, EPD, ETE, HUM, LEN, LUV, MBLY, STX, TMUS, TOL

2x Normal Volume: OCR, CCE, MBLY, EPD, CAR, KKR

Watch List Longs: TRV, MO, HD, TJX, SBUX, VLO, MCD, TWC, LUV, JNPR, DAL, TOL, ADBE, LEN

Watch List Short: cop, kss, cvx, all, xom, m, dow, dd, hpq, qcom, ntap

Inside days: fb, jd, yhoo, myl, teva, m, wfm, x, hig, llym dfs, coh, de, qrvo, cag

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U.S. Oil Prices Near Six-Year Lows | August 18, 2015

 Oil prices hit new 6-year low

Oil prices fell to a new 6 ½-year low Monday, raising the prospect of dramatically cheaper gasoline after the summer driving season.

For now, a blockbuster driving season and a major refinery outage are keeping pump price surprisingly high despite the plunge in crude.

A barrel of West Texas Intermediate declined 63 cents, or 1.5%, to close at $41.87 as abundant supplies and fears of a global slowdown continue to push down prices. That’s the lowest since March 2009 and it marks a tumble of 30% from late June and 55% from a year ago.

Yet the average national price of regular unleaded gasoline is $2.67, up from $2.59 a week ago but lower than the year-ago price of $3.46, according to AAA’s fuel gauge report. An emergency shutdown last week of BP’s Whiting, Ind., refinery, the largest in the Midwest, drove up gas prices in the region by 40 to 60 cents a gallon and the national average by 8 cents, figures from GasBuddy.com show.

The outage is expected to last another month or so, says Tom Kloza, chief global analyst for the Oil Price Information Service.

Gas prices nationally have fallen by about 10 cents a gallon the past month. But the busiest summer driving season since 2007 and requirements in metropolitan areas for reformulated summer blends are keeping pump prices elevated, Kloza says.

Continue reading on usatoday.com

U.S. oil prices near six-year lows as China weighs

U.S. oil prices fell towards six-year lows on Tuesday after stock markets tumbled in China, the world’s largest energy consumer, adding to worries about global fuel demand at a time of heavy oversupply.

Chinese stocks fell 6 percent on Tuesday as the yuan weakened against the dollar, raising fears that Beijing may further devalue the currency. Such a move could decrease China’s consumption and import levels.

Industrial metals, including copper, also traded near six-year lows, adding to bearish market sentiment.

U.S. oil prices fell towards six-year lows on Tuesday after stock markets tumbled in China, the world’s largest energy consumer, adding to worries about global fuel demand at a time of heavy oversupply.

Chinese stocks fell 6 percent on Tuesday as the yuan weakened against the dollar, raising fears that Beijing may further devalue the currency. Such a move could decrease China’s consumption and import levels.

Industrial metals, including copper, also traded near six-year lows, adding to bearish market sentiment.

“That is dragging oil lower – it was in bearish territory to start with,” SEB chief commodity analyst Bjarne Schieldrop said.

U.S. crude futures CLc1 were 35 cents weaker at $41.52 a barrel by 0850 GMT(0450 EDT), close to their lowest since early 2009.

Continue Reading on reuters.com

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