Petroleum Highs

• April 26, 2001
• Duke Heberlein

The java applet alerts this morning should have told you right away where the
money was going and what the Generals were focusing on in the first 30 minutes
of trading. Texaco
(
TX |
Quote |
Chart |
News |
PowerRating), Chevron
(
CHV |
Quote |
Chart |
News |
PowerRating), Amerada Hess
(
AHC |
Quote |
Chart |
News |
PowerRating) and
Occidental Petroleum
(
OXY |
Quote |
Chart |
News |
PowerRating) all made new 52-week highs before 10 a.m. Eastern.

 

 

 

 

 

Daytraders could have used the alerts to scan the intraday
charts for short-term setups, and look for continuation entries tomorrow. Swing
traders can now stalk these issues for a pullback to take shape. Two other
energy plays I will also be tracking that made new highs today are Duke
Energy
(
DUK |
Quote |
Chart |
News |
PowerRating) (no, it was not named after me, despite rampant office
gossip) and Reliant Energy
(
REI |
Quote |
Chart |
News |
PowerRating).

Regular monitoring of the java applet alerts will give you a
jump on zeroing in on the hot areas of the market. Momentum and breakout players
also note that a scan with the search function today revealed more 52-week highs
than I have seen in a long time, so market strength appears to be returning.

Until tomorrow,

Duke