In the past 30-minutes, we've seen bond YIELDS dip below session lows and there is news that US troops have been put on heightened alert status in the Persian Gulf area. News is just trickling out of the region and we don't have full details as of yet. Often times when we get this type of news, we see bond YIELDS head lower as money comes into the safety of these bonds. Currently we're seeing the 5-year YIELD drop to 4.61%.
We have seen the CBOE Oil Index (OIX.X) jump higher by 2 points to the 330 level and other energy related stocks are seeing some buying. We'd expect the recent news out of the Persian Gulf area is affecting things here too as well. Crude oil futures for August delivery (CL01Q) are higher by $0.22 to $26.78 per barrel
Networking Working...For Now
The Networking Index (NWX.X) is strongest sector of the day, up 2.70%, but how long can it last?
Networking Index 60-Minute Chart
After setting a new low for the year, the Network Index is experiencing a much needed relief bounce that could soon come to an end. The April low of 340 offered mild support on the way down, but is now holding NWX back today. Also suppressing the index is the 50-period moving average. If those levels can be cleared I might start looking, just looking, for some networking working stocks. Until the disturbing trend of weak relative strength compared to the S&P 500 is broken, I'm still avoid these stocks like the plague. But that's just me, if one your hobbies includes trying to catch falling safes, feel free to try and catch a falling networking stock.