Buy Crude Oil Stocks or Falling Internet Stocks?
Hey everyone Dave Bartosiak with Trending Stocks at Zacks.com. What goes up must go down and what goes down… well it can go to zero. The stock market and gravity both teach us that. As crises come and go, there are these inverse relationships that show up from time to time. During the Greek debt “crisis” it was the euro and stocks. Before the Russian-Ukrainian conflict, it was 10 years and shares. Now it’s all about oil and stocks. Oil goes up, stocks go down, oil goes down, stocks go up.
That’s what happened yesterday when the market surged like a rocket as crude crashed. West Texas Intermediate prices fell from over $125 to $105.
For NASDAQ, we had a nearly 4% day as the four-letter tickers all benefited from risky behavior. The icing on the cake was Amazon’s announced 20-to-1 split after the bell.
Unfortunately, this momentum did not continue, with technology stocks coming under pressure early and often during Thursday’s session. He hammers home this juxtaposition that is taking place, the old economy against the new economy. Old economy stocks i.e. oil stocks and new economy i.e. technology like internet services with stocks like Okta OKTA.
Let’s take a look at what happened with earnings estimates for these two industries and find some gems for the future, including CVX rafters and Global GLOB.
Every time you share this video, a mountain family finds oil gushing in their garden while chasing squirrels. Be sure to follow the author, subscribe to the YouTube channel, Twitter @bartosiatics, and check Zacks.com/promo for this week’s deal on stocks under $10. To everyone here at Zacks, I’m Dave Bartosiak.
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