Still love the name. But today I'm just being a trader.
Monday's crash in May oil futures can be categorized as fake news, as what happened in crude isn't much different than what we've seen in other industries.
Beyond energy markets and the potential for ancillary fall-out, the S&P 500, and this may be more important from a technical viewpoint, failed to hold that 50 day SMA.
The negative reaction to earnings combined with a market that is technically extended and hitting resistance levels is causing a drop into the open.
Investors need to focus on the long-term prices of oil, as well as the near-term, to make their investment decisions.
We are still short-term overbought, but not yet intermediate-term overbought and breadth is a bit better -- it's time to look at the statistics.
Oil isn't really worthless and Amazon isn't the only retailer that will survive, but we are in a mixed up market thanks to Covid-19.
Investors struggle to reconcile some positive action with economic issues that are looming -- but remember that price action outweighs the headlines.
The May oil futures contract is in free fall as the excessive supply of crude amid diminished demand threatens to create ongoing chaos for the market.
I have to believe that a few more weeks of lower oil prices and we will see more bankruptcy filings.