The wildest and craziest market is the one we have on our hands. Friday’s action saw lots of panic but it also saw large cap oil related stocks actually fall as crude oil pushed about $138. Large capitalization oil stocks like CVX and XOM closed down on the day on heavier turnover. Even HES was unable to break into new high territory, it too closed on its lows. Normally, these names help the S&P 500 and Dow Jones when oil moves higher, Friday was not the case. It was the small capitalization oil related names that did well. The NYSE indexes look real unhealthy at this point in time, the only healthy looking indexes are: NASDAQ, NASDAQ 100, S&P 400, S&P 600, and Russel 2000. This market is proving that the environment is for small cap oil related names. Most professionals are not ...

Big Cap stocks along with financials are weighing on the S&P 500, Industrials, and NYSE composite index. On the other side, the NASDAQ enjoyed gains throughout much of the day despite stumbling into the close. Crude oil closed slightly above $122 a barrel helping out stocks. However, the nasty action being seen on the large cap indexes is quite troubling. Can a rally be sustained without them? Yes, but its the power behind that move would be in question. Just an overall mixed day with more distribution seen on the NYSE indexes. This market is sure in no man’s land. We have the NASDAQ that is looking to move higher while the S&P 500 continues to look real weak. There are some strong stocks that are oil and natural gas related pulling back quite nicely. Its exactly what you want to see ...