Rebounding Rallies and Crude

BP CrashAfter today, it would seem that investors have gotten over the most recent strains that were evident in markets recently as the Dow closed well over 200 points on Tuesday. Much of today's gain is a result from settling nerves regarding the European crisis, which seems to have softened a bit at the moment. Volatility still remains on high alert, so I would not be too confident in taking bull positions at the moment, at least I am not quite yet in my portfolio.

The public was just recently informed that the new estimates for oil leaking into the Gulf is much worse than originally expected. As such, I would expect BP's stock to not react well during tomorrow's trading. Already, it was bad enough as it is and with increasing spill levels, that problem only gets bigger for BP. In fact, I wanted to share with you a premium update charting video on Oil, which is being offered free for CMS readers, definitely worth watching.

S&P trends are passing strong thresholds right now. The big question is whether they can hold. A lot of attention will be put on new support levels. Just as with the oil video above, here is also a good S&P trends video update as well. You can see the new support levels are crucial. Happy Trading.

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