Major averages rose Wednesday on light pre-holiday volume. Today will be a half session that ends at 1pm EST. OPEC has sent the price of oil plummeting by deciding not to cut oil production, keeping production at 30 million barrels a day. Oil prices have fallen around 35% since June, and are at a four-and-a-half year low. Low oil prices are good for anyone who uses oil/energy, but less good for the ECB who's concerned about deflation.
The market remains a story of individual stocks. We note that Alibaba (BABA) is sitting at its 10-day moving average, putting it in position for a possible continuation pocket pivot. Members should watch for this. We have a position in the stock.
Tesla Motors (TSLA) remains a short-sale target and is gapping down slightly this morning. A breach of the 50-day moving average that holds would be a sharp negative for the stock. We continue to view this as a short using the 251-252 price area (essentially around the intraday highs of last week's gap-down move) as an upside guide for a stop. We have a position in the stock.
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