The Reformed Broker, AKA Georgie Jung, here with today’s Market Recap…
Fundamentals be damned, US markets took the ball from the up overseas bourses and ran with it. The rally started at the open and anything China-related was once again, high as a kite. Copper, shippers, steels, coals…if it gets shipped to The Big C, it was up today.
The move wasn’t totally unfounded, as China showed an uptick in manufacturing for the first time in almost a year. Combine that with very low net bullish positions and managers chasing their benchmarks and you’ve got a recipe for a rally.
Even independent oil & gas names woke up and caught a bid today with the group up almost 10% as of mid-afternoon.
Here’s the 2 o’clock look at the indie oil and gas names:
|Industry Top Performers|
|Intraday Price Performance||% Change||Market Cap|
|Crosstex Energy, L.P. [XTEX]||+44.04%||$106.8 M|
|Parallel Petroleum Corporation [PLLL]||+24.69%||$67.4 M|
|MCMORAN EXPLOR CO SC [MMR]||+20.23%||$421.4 M|
|PETROQUEST ENERGY [PQ]||+19.15%||$179.0 M|
|CALLON PETROLEUM [CPE]||+18.48%||$39.8 M|
Earnings on tap for tonight include the recovering casino giant MGM Mirage (MGM) and Chesapeake Energy (CHK).
Have a good evening and thanks for reading. And don’t do what that idiot in the above video is doing. His parents must be proud.
Full Disclosure: I currently manage accounts that are long CHK. Do not trade based on anything you read here. See my Terms and Conditions page for a full disclaimer.