Whilst the main market churned largely sideways, there was some notable strength in Freeport McMoran (FCX) and Transocean (RIG), which settled higher by 0.6% and 0.9% respectively. Weekly cycles are suggestive of further upside into early May.
*I was again not particularly in the mood to meddle in the indexes today, but two stocks that I regularly follow were again showing some strength.
As of early Wednesday, I am LONG FCX and LONG RIG,
First, dealing with FCX. It remains one of my favourite miners, however, they are also now involved in the Oil/Gas sector, which kinda adds some spice to their activities. Any daily close in the $34s will open a swift move to 36/37. FCX has earnings due early Thursday, April'24
As for RIG, it has had a difficult time since Icahn picked up a position in Oct/Nov. The mid 50s now look a very long way up, and RIG is going to find it tough just to re-test the big $50 threshold.
Best case upside, the upper weekly bollinger (still declining), and by early May, that will be in the 47/46 zone. RIG, next earnings are due May'4.