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  1. Home
  2. / Investing

The Good News Is That the Overall Price Action Is Positive

We're going to see some random action in front of the weekend.
By JAMES "REV SHARK" DEPORRE
Jul 01, 2021 | 11:00 AM EDT
Stocks quotes in this article: OXY, NOG, CRK, MRO, UPST, TCNNF, TASK, UGRO, AUPH

The first day of a new quarter often sees some automatic inflows from 401k and other vehicles that help to boost the action. In addition, fund managers are often hoping for a strong start so they can stay ahead of their benchmarks.

That general inclination combined with the typical upbeat mood prior to a holiday is working for the market today. The indices are up, and breadth is very good at around 2 to 1 positive. There are only about 300 new 12-month highs, and the pockets of momentum are sparse, but the general price action is good.

Oil started the day hot, but the gap-up open was sold. I don't think oil is finished yet and I have positions in names such as Occidental (OXY) , Northern Oil and Gas (NOG) , Comstock Resources (CRK) , and Marathon Oil (MRO) that I will likely add to as they develop further.

There is some volatility in names that I favor and would like to add, but, like many others, I'm not inclined to make any bigger moves until next week. Names like Upstart (UPST) , Trulieve Cannabis (TCNNF) , TaskUs (TASK) , Urban-Gro (UGRO) , and Aurinia Pharmaceuticals (AUPH) are on my shopping list, but there is no compelling reason to rush in right now.

We are going to see some random action in front of the weekend, but the good news is that the overall price action is positive.

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At the time of publication, James "Rev Shark" DePorre was Long OXY, NOG, CRK, MRO, UPST, TCNNF, TASK, UGRO, AUPH.

TAGS: Investing | Markets | Stocks | Trading

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