The Student Loan Ranger

I've spent a lot of time watching RIG today, and it continued nicely along it's merry way today, despite some resistance in the $62 region. A nice jump up on the morning let to an inevitable pullback to yesterdays high of $60 which provided yet another entry point.


RIG and the market as a whole closed some way off their highs today, and after 4 straight days on buyers in RIG, I have to anticipate some kind of pull back. If $60 holds, great - but more realistically I am still checking out $58. I'm not entirely sure I like this candlestick, kind of a shooting star with sellers really taking control into the close. Hopefully RIG can show some relative strength and suffer only a slight pull back into either $58 or the 50EMA. I anticipate a golden cross in the 20/50EMAs and some movement north for Transocean.

I don't really check V out but it caught my eye today. Lately there have been two gap ups on good volume into an overhead resistance range. Today we saw some definitive overhead resistance on the intra-day chart at about $56.20 which led to V closing with a spinning top.


I think if this takes out todays low tomorrow ($54.50) then we can expect a small volume drop to the 20/50EMA range which looks pretty good right now.

In a bad day for metals, X hit the 50ema and medium term downward trendline and sold off into another spinning top. I was surprised at the rally here last week, as steel stocks for me just ain't gonna cut it in a recession. Whether or not this consolidates here and forms a flag with support at the 20EMA remains to be seen, but I am bearish.


Just checked out MOS too, looks very extended at $45 and I would like to buy this at $40.