It’s the end of the week and quarter, and it’s been an interesting Q1…
It’s been a bit of a bumpy ride, but the Nasdaq keeps rolling higher. We’re also not totally out of the woods yet in the banking crisis… which a lot of people think we are judging by the recent bullishness.
But none of the reasons we had a banking crisis in the first place have changed or been addressed.
There’s also no shortage of political drama that could affect the market after the first president in U.S. history was indicted this week. It will be interesting to see if there’s any market fallout from that…
Meanwhile, the 10-year Treasury has come down a lot and is consolidating that move, which is good if you’re bullish on stocks… and specifically tech stocks.
The 10-year looks like it’s about to bounce right off its 200-day moving average around 3.5%…
I can see rates coming back up to the 3.75% to 3.8% area, making things dicey again for the Nasdaq, which has been surging largely thanks to the retreating rates pictured above.
There’s no shortage of things to consider heading into the second quarter… including a potential black swan that could go parabolic: oil.
I’m extremely bullish on oil, and I’m positioned for it. My favorite stock?
My preference is still Occidental Petroleum Corp. (NYSE: OXY).
Warren Buffett once again this week added more shares of OXY, and he might be on his way to just buying the whole company — he can’t get enough of it.
And I love being on the same side as the richest and strongest people in the market because they don’t quit, and they often get what they want.
He’s been buying the low $60s, where it’s at right now, all the way up to $70 a share.
If and when we get that parabolic move in oil, I think OXY can trade over $100 a share. Yes, I believe there’s still the potential for 80% to 100% returns in this stock — within 12 months — from where it’s priced at right now.
Jeff Zananiri
Jeff Zananiri Trading
*This is for informational and educational purposes only. There is an inherent risk in trading, so trade at your own risk.
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I’ll keep this quick…
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