Oil Sector Stocks, The Market, and BIDU – 082808

Oil stocks gapped higher yesterday, and are gapping higher once again this morning, as DIG is currently bidding 90.5 premarket. I had planned, and thought… that oil stocks would fall first. I was wrong, and that’s ok. I’d rather have a buying plan, and a missed opportunity, than lose money.

We still look on target to reach the 50dma’s on DIG and OIH. I’ll look for an intraday buy signal.

Otherwise it’s still choppy, light trading, and intraday trades for me until the market moves out of this range.

One stock to keep an eye on is BIDU. The weekly chart is winding tighter, and once a direction is established, the breakout could be good for 50 points.