CUE Trade Ideas

The Oil & Gas Exploration & Production industry is up by 4.1%.

It is one of the most accelerating and one of the strongest industries as well. That makes it a turnaround candidate.

$APA in that industry is undervalued and has a 3.3% dividend yield. 97% of its peers went up.

Technically, it has a Breakout long set up at a Price-Extreme Low with a Fanout bullish pattern. It also has the parent of all momentum signals, BigMove3Up.

Will you consider buying such a stock?

I would.

Not many energy stocks are up today.

Or in recent days for that matter. But here is one.

$HP

Its industry is up today. Over 5-day it is showing acceleration.

Fundamentally, it is a 3-star candidate with under-valuation and higher earnings growth. It pays a 3% dividend yield too. 67% of peers are down but this stock is up by 0.7%. Earnings is nearby and an appropriate strategy may be adopte.

The market continues to be too oversold to short.

For the last five weeks, $DXY, the dollar index, has moved sideways in a narrow range. If it comes down, that may provide some bullish impetus to the market. But that is not the case yet.

All the market ETFs fell. $IWM broke below weekly Watermark support. There is no support nearby. It is at Jump/Thhrust Low - an extremely oversold condition.

$DIA broke below weekly Memory trendline support. There is no other support nearby. It is nearing Jump/Thrust Low.

I would not like to short this market. Yes. It is bearish. No doubt about that and I will not even spend time trying to show it is bearish. It is and you know that well. But I won't like to short. I don't like to short oversold markets. And it is oversold.

If anything, I would like to buy - provided I have a CUE 360 buy setup. It may not be easy to get such setups right now. But I am not in a hurry. Are you?

Why do I not want to short?

UUP (dollar index ETF) is holding steady and if anything, it is about to break the triangle pattern to the downside. That may help the stock market. Of course, whether it helps or not I can see that from my market analysis.

The other major reason I do not want to short is the…