The main trend remains bearish. All stocks of the group are overbought but there are some divergences indicating an overbought bounce.
It seems, during the last 2-3 trading days some protective stops below the previous lows and above the previous highs were cleared out. Today at the market Open, TBS indicated selling pressure.
The AC Ratio moved at the slowest pace since the middle of June, which is a bullish sign. But the Daily Balance Point (DBP) indicator is too high for all stocks, which might be taken as a caution sign.
Sentiment is slightly more bullish than it was the previous week.
Long-Term: Bearish. The Closing Prices of most of the stocks remain way below the 40-days MAs and the 80-days MAs, which might be taken as bullish indication for a very short-term, but the monthly trend is still bearish for all stocks of the group.
Events Affecting U.S. Business
The Wall Street Journal:
• Russian oil has taken an unexpected turn to the U.S., where it is making inroads on the West Coast.
• Imports have gone from zero to an estimated 100,000 barrels a day in a matter of months.
• The Russian pipeline is challenging Alaskan oil, underscoring once again Russia's potential to throw established trading patterns into disarray. The pipeline is expected to revive Russian production growth.
• Alaska’s oil will be displaced as more Russian crude hits the coast, experts say.
