Major averages rose mildly yesterday to close mid-bar on lower volume. The lower volume bounce over the last two days suggests institutions are not actively taking part in this bounce. Furthermore, the number of distribution days has been pronounced, suggesting that the overall downtrend remains intact.
Oil tanker company Nordic American Tanker (NAT) had a pocket pivot on a strong earnings report as oil continues to trend higher. Pretax margin 39.9%, group rank 40. We would prefer to buy this on weakness rather than chasing yesterday's strength. As well, should the general market weaken and move to lower lows, your chances of success on the long side would diminish.
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