New Trade for June 8th 2020

Over the last few days, we highlighted Penn National Gaming (PENN) at $29.  It’ now up to $36.04 and still pushing higher.  We highlighted MGM Resorts (MGM) at $20.96.  It’s set to open at $22.63 this morning.  

On May 26, we highlighted airline stocks, like Delta (DAL) and SkyWest Airlines (SKYW).  At the time, they traded at $24.48 and $30, respectively.  SKYW is set to open at $45.85 this morning.  DAL is set to open at $36.21.

We’re even seeing big opportunity in oil, as the supply-demand picture improves.

With the global economy reopening, we’re seeing a return of demand, and a pullback in supply – which is quickly sending oil back to $40 a barrel.  That’s great news for big oil stocks like Exxon Mobil (XOM), Chevron (CVX), and Occidental Petroleum (OXY).

·      XOM last traded at $53.08, and could refill a bearish gap around $60.

·      CVX last traded at $100.81, and could soon challenge prior resistance at $110.

·      OXY last traded at $20.79, and could soon refill its bearish gap around $32.

Helping, OPEC+ just extended its nearly 10 million barrel per day output cut through July 2020 in an effort to prop up prices.  “Oil prices continue the greatest comeback in history,” Phil Flynn, senior market analyst at the Price Futures Group, told FOX Business. “OPEC plus is proving they will do whatever it takes by agreeing to extend cuts and getting the cheaters to comply.”