3/2/22 Oil/Bitcoin Rise, Stocks Suffer, Ukraine Holds

News:

As the war in Ukraine continues oil and Bitcoin are the winners at the moment.

Kyiv remains in Ukrainian hands. As a long convoy of Russian troops closes in. Reports have indicated that fuel and food are scarce for the Russian.

This morning the world’s top priority is still energy.

Photo by Johannes Plenio from Pexels

Stocks took a hit yesterday on the first of the month, which is typically a bullish day.

President Biden delivered his State of the Union address. Nothing major came from it, nothing major ever does…

Futures are up this morning.

Technicals:

Indicators are generally neutral. This means stocks are free to move in the direction of least resistance.

All the charts for the major four indexes are pointing more down than up. But we have limited downside left.

Timing:

The SPY closed Jan and Feb in the red. April tends to be bullish, so I’m looking for some transition in March.

But it’s unlikely to start until after the FOMC on the 15-16th.

Until then I’m buying the dip.

Watchlist:

*Low Float

*CYRN has support at $5
*SKYH has support at $12
BPT is on watch
LXU is on watch
PAM has support at $22
CENX is on watch
TALO is on watch
WTTR has support at $8
FTK watching for a setup above $1.40
LNTH has support at $48
SLCA has support at $14
CARG has support at $45

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