There is now across the board buying happening in commodities and commodity stocks. Several soft commodity stocks made new highs yesterday, while many key energy stocks also broke out.
Take a look at MRO, for instance, which I own.
MRO went up 9.82% yesterday. It’s basically cleared resistance and is ready to run. One stock that is in a better buying position is KMI.
KMI is paying 6.90% dividend and is trading right under resistance. I own it and also SU.
Suncor is paying a 3.44% dividend. It closed right below resistance of $19.00 so it hasn’t broken out yet. I own it too.
These three charts are fairly representative of what you find in the energy stock sector when you go through their charts one buy one. You find that many just broke out and many that are right on resistance and ready to go. If they clear resistance the sector will have a nice thrust up with stocks inside of breaking out one by one.
Gold and mining stocks went up yesterday as the US dollar gapped up and faded. It is the movements of the US dollar that have the most influence over gold and not Bitcoin.
If you want to learn more about my investing and trading strategies then grab my book Strategic Stock Trading.
-Mike
