Are Oil Stocks Mounting a Comeback?

FBN oil pipe drilling rig

1. Stocks pointing up


Sometimes it’s best not to overthink things. Given that, the market broke its sideways movement this past Wednesday. That tells me the new direction is UP. End of story. For now…

2. Oil stocks up, too


I already own Exxon Mobil (NYSE:XOM), but I may have been early. The chart of ConocoPhillips (NYSE:COP) reveals a long entry may be coming up shortly, though.

3. Keep an eye on Cisco


Quite frankly, the chart of Cisco (NASDAQ:CSCO) is a mess, and I’d steer clear. However, if it can mount some momentum and move up and above that downtrend line, I’d be a buyer.

Back next week to see if I’ve been mistakenly lured to the bull side.