The line in the sand was drawn for many commodity stocks today. Take a look at these levels:
ANR bounced on the trend-line today. If you're a bull, you want this to hold:
The 50 SMA stopped the bleeding on BTU. Through this level and next stop is the trend-line at 40, and if that doesn't hold then the 200 SMA.
BVN, one of our favorite gold stocks, stopped on the 50 SMA level. Again, this level must hold or you'll see much lower prices.
CHK bounced on the 200 SMA (newsletter selection for support long yesterday). Again, this level must hold.
GLD bounced on the 20 SMA -- through here and it will have a date with the 50SMA.
MDR, a newsletter support long pick from yesterday at 20.2, bounced on the 200 SMA. Again, bulls need to hold this level.
OIH, along with many oil stocks, especially drillers, is rolling -- Very nice support at the 200 SMA area near 102.
Note how the XLE has been supported by the 50 SMA since late July. Also note today's second close under the 50 SMA. Like OIH we would not be surprised to see a 200 SMA visit on XLE near 50.
And So Begins the Summer Show
5 hours ago