The volume on Monday's surge was 4.4 million shares, about 4 times normal. And no news ... yet. Somebody knows sumpin'.
If you're a subscriber, you know my bullish thesis on tankers, particularly TNK and two others.
We know that ...
- Tanker rates rose last month on 15 of 16 routes tracked by the Baltic Exchange. Some are rising A LOT. A sudden surge in demand for supertankers drove benchmark charter rates 57% higher in the two weeks through May 20.This is very unusual for this time of year.
- bunker fuel rates are falling, lowering costs for tankers.
- The Saudis and other OPEC swing producers continue to pump and ship more and more oil. In fact, OPEC production is at a 36-month high.
- China is now the biggest importer of petroleum in the world.
I continue to be bullish on oil tanker stocks.
Other charts ...
It sure looks like the S&P 500 failed its breakout from the Danger Zone. However, the uptrend still holds.
Meanwhile, the US dollar continues to be a juggernaut.
Silver and gold are both disappointments, though silver had an interesting day yesterday ...
Note how there was huge volume -- silver and gold actually bolted higher at the open yesterday -- then it spent the rest of the day giving it back. Bitter disappointment.
That said, check out SSRI, another $10 Trigger Alert recommendation ...
SSRI looks much better than the underlying metal. It's in a bullish and improving uptrend.
That's all for now. Have a great week.