Buy Crude Oil Stocks or Internet Stocks on the Dip?
Hey everybody Dave Bartosiak with Trending Stocks at Zacks.com. What goes up, must come down and what comes down…well it can go to zero. The stock market and gravity both teach us that. As crisis come and go, there are these inverse relationships that pop up from time to time. During the Greek debt “crisis” it was the Euro and stocks. Before the Russia-Ukraine conflict it was the 10-year and stocks. 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 shot up like a rocket while crude collapsed. Prices for West Texas Intermediate came down from over $125 to $105.
For the NASDAQ, we had a near 4% day as the four-letter tickers all benefited from the risk-on behavior. The cherry on top was Amazon’s 20-for-1 split announced after the bell.
Unfortunately, that momentum has not carried on, with tech stocks coming under pressure early and often during Thursday’s session. It’s hammering home this juxtaposition that’s taking place, the old economy versus the new economy. Old economy stocks meaning oil stocks and new economy meaning tech like internet services with stocks like Okta OKTA.
Every time you share this video, a hillbilly family finds oil gushing in their backyard while hunting for squirrels. Be sure to follow the author, subscribe to the YouTube channel, Twitter @bartosiastics, and checkout Zacks.com/promo for this week’s deal on Stocks Under $10. For everybody here at Zacks, I’m Dave Bartosiak.
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Chevron Corporation (CVX): Free Stock Analysis Report
Globant S.A. (GLOB): Free Stock Analysis Report
Okta, Inc. (OKTA): Free Stock Analysis Report
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