September 30, 2024
Mish's Daily
By Mish Schneider
It is no secret that Warren Buffet, who has sold a lot of shares in Bank of America and Apple, continues to hold Occidental Petroleum.
With the most recent $435 million purchase in June, Berkshire Hathaway now owns about 28.8% of shares outstanding
Buffett wrote, "We particularly like its vast oil and gas holdings in the United States, as well as its leadership in carbon-capture initiatives."
We do not follow anyone blindly, but there are a few reasons why we are now looking at Occidental OXY.
However, we do not simply buy stock because of who owns it or because it looks cheap.
This is where the Daily chart looks interesting as a timing mechanism.
Last week OXY made a new multi-year low. The last time this traded at these levels was in March 2022.
Nonetheless, OXY did confirm a potential reversal bottom with the action Friday and today.
Now, we want to see OXY gain leadership versus SPY.
And we want to see the momentum hold firm from current levels.
Plus, remember a move higher in the futures in oil will help as well.
Educational purposes only, not official trading advice.
For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
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Mish in the Media-Want to see more? All clips here
Business First AM All about long bonds and what to watch for and trade 09-27-24
Money FM 89.3 Singapore Long bonds and emerging markets in focus 09-26-24
Podcast with Geoff Bysshe Never heard of the Economic Modern Family? 09-23-24
Business First AM Why DBC is on Mish's Radar Description-Unsure how to trade this ETF? 09-23-24
Business First AM DJT a Highly Volatile Trade. Mish takes you through levels to hold and to clear 09-23-24
Kitco News Mish and Jeremy discuss how and why gold could head much higher 09—19-24
MarketGauge.com Mish and Geoff discuss how to anticipate and trade current market conditions using MarketGauge's Big View market timing ratio, the XRT ETF and more. 09-17-24
Stockpick.app StockPick.app presents Mish’s lessons in understanding bonds 09-17-24
Coming Up:
September 30 CNA Singapore TV
October 1 BNN Bloomberg
October 9 Markets Misbehaving with Dave Keller
December 5-7, 2024 Money Show Master Class
Weekly: Business First AM, stockpick.app
ETF Summary
(Pivotal means short-term bullish above that level and bearish below)
S&P 500 (SPY) 565 pivotal support
Russell 2000 (IWM) Range 215-225
Dow (DIA) Another potential topping pattern?
Nasdaq (QQQ) 485 pivotal
Regional banks (KRE) 52-55 support zone
Semiconductors (SMH) 240 pivotal
Transportation (IYT) 67.00 support 69 resistance
Biotechnology (IBB) 140-142 support zone
Retail (XRT) 77 pivotal
iShares iBoxx Hi Yd Cor Bond ETF (HYG) Still trading above the 200-WMA-healthy
Every day you'll be prepared to trade with: