Stocks are staying on track to finish this week as losers, just like big, bad Arizona in the NCAA tourney.
Meanwhile, national security adviser H.R. McMaster is reportedly cleaning out his White House desk because he’s all but fired, and CBS says chief of staff John Kelly might depart as soon as today. That gives worrywarts more to ponder — if potential trade wars and today’s quadruple witching weren’t enough.
So, what looks good? Besides, of course, that genius Buffalo Bulls pick in your March Madness bracket, or wagers on further turnover in the Trump administration.
Consider buying Whiting Petroleum, suggests our call of the day, which comes from Dash of Insight’s Jeff Miller.
His “Road Runner” trading model offers this take on the energy stock: “I like to buy stocks that are at the bottom of a rising channel. And based on the following chart, you can see why I like Whiting.”
Read more: Anadarko Petroleum may be the best energy bet
And see: Investors, put energy stocks at the top of your watch list
“This company is moving in the right direction both fundamentally and technically,” says the Road Runner/Miller, while also noting that the ideal holding period for this bet on mid-cap Whiting WLL, -0.81% might only be around four weeks.
Energy companies’ shares XLE, -0.52% have been under pressure lately. Why? Because the oil rally has abated, looming interest-rate hikes promise to raise the firms’ borrowing costs, and a tax ruling just rocked MLPs, Miller says. But there are “attractive technical trading opportunities among certain energy stocks,” he adds.
Go here to read his full post.
Read more: Energy stocks suffered their biggest monthly drop since 2015
And see: Energy stocks stand out as cheap, J.P. Morgan says
Key market gauges
Futures for the Dow YMH8, -0.12% , S&P 500 ESH8, -0.02% and Nasdaq-100 NQH8, -0.06% are little changed, after the Dow DJIA, +0.47% rose yesterday, while the S&P SPX, -0.08% and Nasdaq Composite COMP, -0.20% gained. Each gauge is on track for a weekly loss of at least 1.1% as of Thursday’s close.
Europe SXXP, +0.06% is higher, after Asia finished mixed. Oil CLJ8, +0.16% and gold GCJ8, +0.19% are gaining, as the dollar index DXY, -0.18% slips.
See the Market Snapshot column for the latest action.
The chart
A bearish chart pattern known as a “death cross” is close to appearing in bitcoin’s BTCUSD, -1.01% chart.
This pattern occurs when the 50-day moving average drops below the 200-day moving average. The idea is that this cross marks the spot where a shorter-term decline is turning into a longer-term downtrend.
But technical signals derived from moving averages aren’t always good market-timing tools. That’s because they are often telegraphed, and they don’t have a great success rate, as MarketWatch’s Tomi Kilgore has noted.
In other cryptocurrency news, bitcoin mining is apparently no longer profitable, a chart signals bitcoin at $91,000 within two years, and John McAfee’s move this week to join crypto startup Key Capital Corp. KCPC, -44.01% has fired up what’s still a penny stock:
The buzz
The trade fights that could really hit markets — and touch your smartphone, too — have yet to hit, warn Pimco’s Libby Cantrill and Tiffany Wilding.
Nike NKE, +0.29% and Coutts (Queen Elizabeth II’s bank) are under fire after their execs behaved inappropriately, with the U.K. institution making a disciplinary move after complaints from its female bankers.
Reports on housing starts and industrial production are due before the opening bell, then readings on consumer sentiment and job openings arrive after it rings.
Check out: MarketWatch’s Economic Calendar
Jilted Qualcomm suitor Broadcom AVGO, +2.75% looks set for a down day after earnings, while Adobe Systems ADBE, +0.20% and jeweler Tiffany TIF, +1.67% are rising after their results.
Meanwhile, a former Qualcomm chairman may lead a buyout effort.
Read more: Undaunted, Broadcom will still look for deals, but smaller ones
This chart illustrates how it’s looking tense out there:
The Geopolitical Risk Index (GPR) has reached its highest level since the 2003 invasion of Iraq. The previous high was last August due to North Korean tensions. h/t @Dembik_Chris pic.twitter.com/NodfXb3YoY
— Ole S Hansen (@Ole_S_Hansen) March 15, 2018
The quote
“This is a travesty. I hope we can learn from it and really make a better product and have something like this never happen again.” — Utah State engineering professor Paul Barr reflects on the dampened outlook for accelerated bridge construction projects, after yesterday’s bridge collapse at Florida International University killed at least six people.
Today’s coverage of the #fiubridge was intense. My mother had driven down that road just that morning. My sister was going to leave FIU (using that road) just an hour after the collapse. Appreciate those around you! Thinking about those families that lost a loved one. pic.twitter.com/UhF45RkHl0
— Monique O. Madan (@MoniqueOMadan) March 16, 2018
Random reads
Tomorrow is St. Patrick’s Day, so have some salt-crusted salmon and kale.
“Asia’s Warren Buffett” Li Ka-shing plans to retire.
Siberian gold rush ensues after $368 million in bars falls from plane.
Spy poisoning latest: That nerve agent was reportedly planted in the daughter’s suitcase in Russia.
This robot takes sounds and turns them into dance moves:
Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. Be sure to check the Need to Know item. The emailed version will be sent out at about 7:30 a.m. Eastern.
Or Follow MarketWatch on Twitter or Facebook.
And sign up here to get the Friday email highlighting 10 of the best MarketWatch articles of the week.