We last discussed Micron Technology (MU) on May 24, and the stock has done nothing but strengthen since that day. While I wouldn't be chasing the stock at current levels, the chart looks great. It is absolutely a name I'd like to be involved in on any dip.
It's been three days since Twitter (TWTR) spiked above $15, and we have yet to see sellers hammer the stock back down. As long as it continues to close above $14.80, which is roughly the 21-day exponential moving average, I would keep it on my day-trade list of stocks to buy on dips.
The July natural gas futures contract has been on fire this week, and is nearing a test of the late-April swing high. A close above $2.45 shines a light on the 200-day simple moving average near $2.54.
Despite closing near session highs on Thursday, I remain bearish on Exxon Mobil (XOM) and continue to favor the name on the short side on any strength toward $89.50. A break of $48 (closing basis) on July crude oil would likely be a sufficient catalyst to send XOM down toward the $84.50 to $85 area.
The Consumer Staples Select Sector SPDR Fund (XLP) has continued to rebound from its mid-May swing low near $52. But it has done so on increasingly light volume. I mentioned on May 26 not wanting to see the XLP close above $53.50 if managing a swing short, and while that level still seems pretty logical, I certainly wouldn't blame anyone for giving the stock a break above the May 10 swing high before throwing in the towel.
Any trading or volume profile related questions can be posted in the comments section below, emailed to me at parkcityyeti@gmail.com or posted to my twitter feed @ByrneRWS.
