Buy OIL Now & Wait For US Market To Awake Tomorrow ?

US market 3 indexes' performances on 10 Apr 2023

After the Good Friday long weekend, US market continued the mini “rise” in the morning right until around noon where it wavered and fell.

Could it be due to the leaked-news that US government actually spy on not only enemies but also allies ? Anything is possible no in the name of “national security ?

US Mar 2023 NonFarm Payroll @ 236,000 jobs- lower than expected

Luckily the “positiveMar 2023 NonFarm payroll data out since Good Friday morning, helped to turn the table around with US market resuming its upwards trending (refer to above diagram).

By The Time Market Called It A Day at 4:00pm

  • Both DJIA and S&P 500 indexes were up marginally at +0.30% and +0.10% respectively.

  • Nasdaq closed down marginally at -0.03%

What’s Gonna Happen To US Market Today ? (My personal view only !)

I think it will still be a mixed trading day just like yesterday with negligible rise and fall.

This is because there isn’t any earth shattering catalysts to give the US market a positive jot.

US pre-mkt indicators for 11 Apr 2023 (Tue)

Having said that - from the look of things (see above pre-market indicators), there should be more upside than down side to US market today’s performances.

Reason being ? The market is getting ahead of themselves - “fantasizing” that the Fed will start to reduce interest rate. I do not believe the Fed will do this.

More importantly, I think US market will only wake up from tomorrow onwards.

This is because of the host of data reports and quarterly earnings coming on board.

  • Consumer Price Index (Mar) - Wed, 12 Apr 2023.

  • Producer Price Index (Mar) - Thu, 13 Apr 2023.

  • Weekly Jobless Claims - Thu, 13 Apr 2023.

  • $Citigroup(C)$ Q1 2023 earnings - Thu, 13 Apr 2023

  • $JPMorgan Chase(JPM)$ Q1 2023 earnings - Thu, 13 Apr 2023

  • Wells Fargo Corp ($WFC) Q1 2023 earnings - Thu, 13 Apr 2023

*note : whether market will respond positively or negatively depends largely on the outcome of the data or quarterly earnings & forecast.

Meanwhile, What Will I Be Doing ?

I am still watching out for bargains to be had at Oil stocks. Apart from $Marathon(MRO)$ that I have mentioned in my yesterday post (click here to read !), I am also keeping a watch out for $Occidental(OXY)$ .

Occidental Petroleum past 1 year performance - Up by 8.84%

  • Occidental Petroleum (OXY) is a major integrated oil & gas company with operations in the US, Latin America, Africa and the Middle East.

  • It has a diversified portfolio of assets, including conventional and unconventional oil and gas resources, midstream and downstream businesses, and chemical and renewable energy segments.

  • Very important, it has been deleveraging its balance sheet, disposing non-core assets, and cutting costs to improve its financial flexibility and profitability.

  • Q4 2022 net income came in at $1.73 billion vs $1.34 billion (Q4 2021).

  • Last but not least, $Berkshire Hathaway(BRK.A)$ has gradually became a major shareholder of Occidental Petroleum with a controlling stake of 23.60%. Mr Warren Buffet couldn’t be wrong about his investment right !

  • Do you think the US market will rise or dip today ?

  • Do you think you will be looking at Oil or Energy stocks also ?

Please “LIKe” this post ok. Thanks ! Your rating is very important to me.

Alternatively, would you consider “Follow me” so that you get first hand read of my daily new posts. Tks, Tks !

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@Tiger_SG

@TigerPM

@TigerStars

# 💰 Stocks to watch today?(05 Nov)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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  • JC888
    ·2023-04-11
    Hi
    Tks for reading my post. Pls feel free to share or repost. Give a "LIKe" ok. Tks.
    Also would you consider "Follow me" so that you get first hand read of my Daily new posts? Tks tks!
    Reply
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  • HarryCox
    ·2023-04-11
    I'm not confident buying oil anymore. A big drop may destroy everything.
    Reply
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  • AdamDavis
    ·2023-04-12
    The cliff dive won't happen until all the short squeeze pressure is relieved.
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  • ChrisColeman
    ·2023-04-11
    i will wait until tomorrow. not sure what will happen.
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  • maricel
    ·2023-04-11
    [Great] [Great] [Great]
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  • vodkalime
    ·2023-04-11
    thanks for sharing
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  • henghm
    ·2023-04-15
    like
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  • Bel8680
    ·2023-04-12
    ok
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  • 月升2023
    ·2023-04-12
    K
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  • Michael8208
    ·2023-04-12
    [Great]
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  • Pauline122
    ·2023-04-12
    Ok
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  • Philipoo
    ·2023-04-11
    Nice
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  • Kyong
    ·2023-04-11
    Cool
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  • Bananaa
    ·2023-04-11
    Hi
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  • MingXuan
    ·2023-04-11
    hhh
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  • kuppi
    ·2023-04-11
    good
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  • Candy Toh
    ·2023-04-11
    vb
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  • nautiann
    ·2023-04-11
    ok
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  • kuppi
    ·2023-04-11
    good
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  • MingXuan
    ·2023-04-11
    vb
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