Oil has been in a freefall. The ProShares UltraShort Bloomberg Crude Oil ETF (NYSE: SCO) has been skyrocketing. And if oil keeps dropping, SCO will move even higher.
There are some good days to report bad earrings when the overall markets are bullish and investors are looking for bargains. Then there are bad days to report bad earnings, such as Wednesday, with the worse-than-expected Consumer Price Index report, and investors are in selling mode.
American Airlines Group, Inc (NASDAQ: AAL) and Southwest Airlines Company (NYSE: LUV) rallied Tuesday after completing a period of consolidation that took place between July 6 and Monday.
Tesla Inc (NASDAQ: TSLA) plunged almost 7% lower at one point on Monday but bounced up sightly off a support level to trade about 6% lower as of press time.
It is not too often that two titans of Wall Street are on the opposite side of a trade, but that is the case with a Goldman Sachs analyst and Warren Buffett regarding Occidental Petro Corp (NYSE: OXY).
Gold is oversold and at support. That means it may be time to buy the commodity. The downtrend that started in March may be over.
The term "oversold" refers to a security’s momentum. This is a measure of how far it has moved in a given time. If it gets sold aggressively and pushed below its typical range, traders say it’s oversold.