Finding A Trade In A Flat Market
When the broader markets turn neutral,
maybe it’s time to focus your “energy” on some sector analysis. Quite often,
after a substantial run up, the market will pause before the action resumes.
Will it be a continuation or a reversal of trend? I personally don’t know, but
with the ETFs stuck in a Slim
Jim consolidation, I am smart enough to know to look elsewhere until the
pattern resolves itself one way or the other.
12:38:47
Intraday
Sector Alert
The Oil Services sector, represented by the HOLDR
(OIH)
is the strongest performing sector in today’s trade. Within the group Patterson
Energy (PTEN)
has been one of the leaders on the daily charts, and in intraday trade the
stock is forming a bullish flag pattern. Breakout entries will currently trigger
above 32.74. The stock is up .34 at 32.72, and this technical action also has
PTEN establishing an extended Cup & Handle pattern using yesterday’s
intraday price action off the 5 minute chart.
So next time you decide there’s nothing to do
because the major averages are flat lining, try looking “under the
surface.” You might be surprised to find some “black gold” that
you can add to your own bottom line.