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Toddo On TV: To Drill Or Not To Drill?


Markets, movers and more.

To drill or not to drill? What's good for offshore drillers such as Transocean (RIG), Noble Corporation (NE) and ENSCO (ESV) isn't necessarily good for consumers. Even a major oil discovery off the continental U.S. would do little to ease the pain at the pump in the near-term; it would more than likely take years to bring to production. Toddo sounds off.

Toddo's glaring at Google (GOOG), as there are two downside technical gaps in the stock. The first, created last Friday, resides between $560 and 555. The second, created by the April earnings report, resides between $450 and $525.

Upwards and onwards. The Minyanville chieftain talks trading "tells," an effective way to gauge near-term direction. Sure, they vary from day to day depending on the news -- Lehman Brothers (LEH), for instance -- but there are subtle whispers if you pay attention. Market internals versus intraday moves is one such clue. This morning, during the rally attempt, the breadth of the New York Stock Exchange failed to improve. That was a classic, near-term downside confirmation.

Other tells include Goldman Sachs (GS) and Google in tandem, financials in general, Big Beta Research In Motion (RIMM), Apple (AAPL), Amazon (AMZN) -- and macro crosscurrents.

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Position in GOOG

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