1:10pm (EST)
The market is mixed as the Dow is higher by 44 points to 9,860 while the S&P 500 is up 2 to 1,052. The Nasdaq is lower by 14 points to 2,159.
The Russell 2000 is down 5 points to 612, and has set a new low for the year. We mentioned in our Weekly Wrap that we were watching this index carefully as confirmation money is being taken out of the market.
Offshore drilling contractors got downgraded today by one brokerage firm. Noble (NE, $26.62, down $1.11) and Baker Hughes (BHI, $37.32, down $0.75) were lowered to “Market Perform” from “Outperform” and Diamond Offshore (DO, $55.89, down $3.32) to “Underperform” from “Market Perform”.
BP (BP, $35.00, down $1.76) and Transocean (RIG, $44.95, down $4.22) are at fresh 52-week lows. BP is getting whacked on bankruptcy rumors while Transocean is getting drilled after reports of another oil leak/ rig failure.
Gold is higher by $7 to $1,249/ ounce.
We are short on commentary today because we have been looking at charts and updating our current trades as they continue to perform well. Subscribers, check the Members Area for the updates. We will be back in the morning with a full update, but if you are not yet a current subscriber then we urge you to give us a try.
We think there are some great trades in our portfolio that could easily see triple-digit returns over the next six weeks.
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