A Favorite Energy Stocks Looking Good

One of our favorite energy plays, Core Laboratories (CLB) is forming a bullish double-bottom today at the $98 support level. More follow-through on the upside tomorrow will be very positive for the stock.

We currently own shares of CLB for several clients.

Monday's with Matty

Catch my weekly market segment on Fox News Live at 1pm ET with Tracy Byrnes.

This week I talk about the continuing issues in Europe as well as economic numbers in the US.

I will also look at the action of the market this morning and what to expect for the week AND of course 3 stock/ETF Ideas!!

Go to www.foxnews.com to watch live.

Europe Banks Set to Rally

After a bit of positive (or more like the lack of negative news), shares in Europe are rallying on Monday. The move higher is led by the financials, which have been the cause of the drubbing the region has taken.

If you are feeling a bit aggressive this morning and feel the rally will continue there is an ETF made just for you - the iShares MSCI Europe Financials ETF (EUFN).

If you prefer to simply build a new position in the region I would suggest the Vanguard European ETF (VGK) with a dividend yield of 5%.

Personally I think it may be a little early for both ETFs as long-term investments.

Stocks Find a Bottom and Gold Capitulates

Even as the news remains negative and we head into a weekend, stocks are holding onto modest gains of 0.5% with 30 minutes left in the week.

My gut feeling when the market was down 2% this morning was that we hit an intermediate-term low as the capitulation soared. I felt the same way in regards to gold mid-day and sent out a Tweet from @MatthewMcCall that a buy at $159.25 on GLD was a good strategy. GLD continues to trade near the $160 level heading into the close. This looks like a good price to add to a position or begin building a position.

Another longer update this weekend.

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Matt McCall

Video of CNN Interview on 9/23/11

Link to my interview on CNN this morning regarding the market sell-off.

http://cnn.com/video/?/video/bestoftv/2011/09/23/am-matt-mccall-markets.cnn

Market Bottom??

My gut feeling was telling me the market hit a short-term bottom this morning when futures were down about 2%. I am not ready to start throwing money back into stocks, but I will watch the action closely heading into the weekend to see if I am right.

Keep in mind the rumbling in my gut may be the Mexican food from last night - but typically my gut calls are the most accurate.

Watch support on the S&P 500 at 1101.

Bin Laden and the US Stock Market

The great news of the death of Osama Bin Laden when I woke up this morning was met with a smile on my face and US stock futures pointing higher.

The smile remains, but the higher stock prices do not. Why??

Well as great of a day as it was for Americans and everyone fighting terror around the world, the death of one menace to democracy will not cure the issues governments are facing. The US unemployment rate will not fall, the rising price of food will not come down, and Microsoft's earnings will not rise based on the death of OBL.

What the death may do is spur some confidence into the American people during a time of high unemployment and rising costs of living. But what it will not do is push the stock market higher.

I have said for over a year that the real catalyst to a long-term rally in stocks and the US economy is confidence. This confidence will come from more jobs and politicians showing the American people they are here for us and not their own agendas. The OBL Death Confidence boost will be temporary as the War on Terror will rage on for a long time, unfortunately.

So I will sit back today and smile as I am proud to be an American and support our troops, but I am also a realistic and believe the death of OBL is irrelevant when talking about stocks. AND, to all the so-called "experts" that are calling for a Osama Rally, you should be ashamed of yourself for such a irresponsible call.