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In today’s podcast, we take a look at market sentiment and rotation:

• Right click ON THIS LINK and select “Save Target/Link As…” to save the MP3 file to your computer.

MARKET SENTIMENT SURVEY

The InVivo Objective Sentiment Survey tracks the number of buy and sell signals amongst the constituent stocks of the S&P 100 and NASDAQ 100 indexes.

Other charts mentioned in today’s podcast were:

• Currencies
• Global Equities
• Asset Classes
• Sector SPDRs

On May 13, we alerted Portfolio Strategy subscribers to the overlooked outlook for gold.

While researching Trading Ideas for Wednesday, I noticed there was a new-found flight to safety into gold stocks. It seems that The Goldbugs were getting excited over a broken downtrend line to the upside.

• Right click ON THIS LINK and select “Save Target/Link As…” to save the MP3 file to your computer.

Five gold-related companies found by the stock scan: AEM, AUY, EGO, GG and NEM. Today, we will look at three of the strongest performing companies of late: EGO, AEM, and GG.

streetTRACKS Gold Trust (GLD)

• Metals - Gold higher as weak dollar, strong oil support buying
  Gold was higher in early afternoon trade as the dollar continued to weaken against the euro and as oil prices remained steady close to their record above $127 a barrel, fuelling buying of gold as an inflation hedge.
• Gold price may double in long-term: Citigroup
  Profit-taking by investors on a firmer U.S. dollar and a seasonal slowdown in fabrication may be working against gold, but spot prices continue to remain strong near the US$920 per ounce mark. And bullion could climb much higher if things don’t change significantly, according to a new report from Citigroup.

CHARTS

Daily bar chart with 50- and 200-day moving averages

Daily bar chart with Swing Line applied

Daily bar chart with InVivo.RMI.Stops and InVivo.RMI.Histogram applied

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In a recent podcast for Portfolio Strategy subscribers, we discussed crude oil and oil-related ETF’s.

• Right click ON THIS LINK and select “Save Target/Link As…” to save the MP3 file to your computer.

Our daily stock scan found 88 Trading Ideas for Monday. What stood out was the fact that 22 of those were companies in the energy sector. Today, we will focus on the oil & gas operations industry and look at three of the strongest performing companies (PXP, EOG, ECA).

As an extra bonus, we’ll be looking at a short call made by Doug Kass that is getting a lot of attention.

These are some recent articles concerning the oil companies in general:

• Oil Producers Mask Decade’s Worst S&P 500 Profit Drop
  Take away Exxon Mobil Corp., Chevron Corp. and ConocoPhillips and profits at U.S. companies are the worst in at least a decade.
  “The easy money is behind us, for both the oil companies and investors.”
• Not Enough Oil Is Lament of BP, Exxon on Spending
  Never have so many oil and gas companies spent so much to produce so little.
• Oil Rises on Skepticism Saudi Supply Increase Will Cut Prices
  Crude oil rose to a record close on skepticism that Saudi Arabia’s decision to increase output by 300,000 barrels a day will be sufficient to reduce prices.
• Pickens: Oil Going to $150, So Move to Gas
  Legendary Texas oil billionaire Boone Pickens says President Bush was wasting his time traveling to Saudi Arabia to ask for increased oil production.
• House passes bill to sue OPEC over oil prices
  The House of Representatives overwhelmingly approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices, but the White House threatened to veto the measure.
• Betting On Rising Oil
  Hedging your bets against rising oil prices, with CNBC’s Matt Nesto.

Plains Exploration & Production Company (PXP)

• Plains Exploration & Production 1st-quarter profit rises
  Oil and gas producer Plains Exploration & Production Co. said late Wednesday its first-quarter profit rose as a result of recent acquisitions and higher commodity prices.

CHARTS

Daily bar chart with 50- and 200-day moving averages

Daily bar chart with Swing Line applied

Daily bar chart with InVivo.RMI.Stops and InVivo.RMI.Histogram applied

Mexco Energy Corporation (MXC)

A speculator’s dream come true type of move. Our friend Charles Kirk from the KirkReport.com wrote a great post on a Simple Moving Average Screen and MXC was his list.

Daily bar chart with InVivo.RMI.Stops and InVivo.RMI.Histogram applied

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