There were a number of big stories today including the after-shocks of President Trump’s firing of FBI Director James Comey, YELP’s collapse, a pullback in Disney stock, then after hours Snapchat’s collapse and finally the rally in oil. Oil’s rally was a result of US inventories biggest one-week drop of 2017 combined with news that Iraq, Algeria and Saudi Arabia were in agreement to continuing the OPEC production cuts. The other members of OPEC have made no such claim but it was enough to push up the price of oil $1.45 to $43.33 a barrel (WTI).
Exxon Mobil Chart (XOM)
The rally in oil is working out beautifully for my ongoing trades in Exxon Mobil Stock. To date trades in Exxon Mobil Stock have return 24% and yet the stock as you can see in the chart below, is trending sideways. For my style of investing, this is a perfect pattern to be using.
Momentum through the last couple of weeks has turned positive and today’s jump in oil prices should assist in pushing the stock higher.
XOM Stock Chart
Morning Open Should Be Unchanged
For the morning on Thursday, I am expecting little change at the open.
Tomorrow investors get the latest Weekly Initial Unemployment Insurance Claims report which will continue to give us some clue as the next date for a Fed rate increase. The odds of the rate being in June are around 80% according to analysts who follow these trends.
The likelihood of oil pushing beyond $45 (WTI) are high and investors should see oil above that level by Friday.
For Thursday
There were quite a few trades done on Wednesday. The Tomorrow’s Trade was particularly good as was a new trade in Facebook Stock as I continue with the Million Dollar Challenge. Investors who are following both of those portfolios may want to check the articles and add those stocks to their watch lists for Thursday and Friday.
The remainder of the articles for this evening are on the home page FullyInformed.com.
New Email Newsletter
Just a reminder again that the new system is now in-place for email updates, however for investors interested in email updates, you have to register again. You can use the form to the right of this article in the sidebar or the form at the bottom of this page for those interested in staying in touch through email. I hope you’ll join me. I’ll be stopping this notice on Friday. All email address in our older database will be deleted this weekend, so if you have not signed up, you should consider doing so by Friday. Thanks!
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