1. I talked up gold bullishly in Thursday's Trader's Notebook, but as that session's price action clearly showed, I couldn't have been more wrong. While the potential for a double bottom may exist, my thesis revolved around price holding above $1060. I'll revisit the gold market once price is back above $1080.
2. Ambarella (AMBA) continues to hold its ground above the 50-day Simple Moving Average (SMA), but as we saw Thursday morning, bids began to vanish as price neared the $60 to $61 area. Keep this stock on your radar, but don't be too anxious beneath that resistance zone.
3. On top of the horrid price action in light crude oil, the Market Vectors Oil Services ETF (OIH) is within spitting distance of making new major swing lows. In the near term, I would simply avoid taking shots on the long side, until price is above at least the 5-day and 8-day Exponential Moving Averages (EMA). Slightly more conservative traders should remain on the sidelines until price has recaptured the 21-day EMA. Continued selling places a target on $20.32 to $22 (lows from late-2008 and early-2009).
4. Cabot Oil & Gas (COG) hasn't traded too poorly over the past two sessions. If you fancy some bottom fishing in the oil and gas sector, keep this name on your list for when light crude oil begins to bounce.
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