Forgetting everything that prompted Tuesday’s selloff, on Wednesday, the S&P 500 regained 0.62% of its value. Investors decided mere impeachment chatter wasn’t anything more. But, for the record, volume was light.
Philip Morris (NYSE:PM) led the charge, up more than 5% on word that it and Altria Group (NYSE:MO) won’t be merging after all. Investors had increasingly begun to believe that the pairing wouldn’t pay off. Also helping push the market higher was General Electric (NYSE:GE), gaining 2% as investors continue to see hope for a true turnaround.
At the other end of the spectrum, Match Group (NASDAQ:MTCH) fell by a couple of percentage points after the FTC filed a lawsuit claiming its dating website used misleading ads to encourage people to become paying members.
As for stocks worth a closer inspection on Thursday though, take a look at the stock charts of Oracle (NYSE:ORCL), Union Pacific (NYSE:UNP) and KeyCorp (NYSE:KEY). Here’s why, and what to look for.
Oracle (ORCL)
Just a few weeks ago it didn’t look like Oracle could be held back for any reason. Since August, it has been fighting for its life.
It has been winning that fight so far, to its credit. A key long-term moving average line has more or less held up as a floor, and another technical support level has taken shape, tagging all the key lows since June. But, with ORCL stock trapped in the middle of key ceilings and floors, it would be wise to be ready for any outcome.
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KeyCorp (KEY)
The last time we looked at KeyCorp back on July 24, it was on the verge of breaking above a relatively important technical resistance line and soaring into new high territory. That started to happen, but before that momentum could develop a marketwide headwind kicked in.
A renewal of that effort is taking shape though. Not only is the effort a healthy one, the budding breakout that wasn’t able to get going then is within easy reach. And this time, it’s unfurling on an even healthier foundation.
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Union Pacific (UNP)
Finally, with nothing more than a quick glance, Union Pacific shares just look like a choppy, volatile mess. And, perhaps that’s all this is.
It may be more serious than that, however. Although all the signs are subtle, they’re numerous. And, as of this week, the tide turned much, much worse. The bulls still have a chance to pull out of the nascent nosedive. But, the situation is deteriorating pretty quickly.
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As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about him at his website jamesbrumley.com, or follow him on Twitter, at @jbrumley.
