Heading into the new week of trading the markets opened up Sunday night pretty quiet. There is a slight negative bias at this point, but nothing that should be indicative of what to expect for tomorrow’s open. I’ve updated the stock screens and the market barometer this weekend so be sure to check those out.

On the screens, Oil continues to be a huge presence in the results that I am generating. The last two major bull runs that these markets saw (2005-07 and March ’09 to present) has seen oil at the forefront of the rally. When the market crashed in late 2007 into ’08 and early ’09 oil tanked with it, and basically led the way downwards too. So it will be interesting to see if oil once again will be a leading indicator of market direction. Of late oil futures have been stuck in the low 70’s upper 60’s (I’m starting to sound like a weather forecaster, eh?). So a breakout above $75 could be indicative of the good times continuing (sort of like Ground Hog’s Day and whether or not the rodent sees its shadow!).

Other industries showing some strength in the screen results were Health Care, Drug Manufacturers and some commodities.

Have a Great Week and Happy Trading Folks!

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