Chartz with Jartz – As discussed in last weeks blog post, we saw the Dow Jones Industrial Average (INDU) take a substantial intraday hit and move down below 900 points on the day, ultimately before settling around 600 points to close out Monday’s trading. The drop down to 33,600 on the Dow was possibly the drop the market need for a short-term correction. On September 20th, the Investment Management Team (IMT) at Econ Wealth purchased multiple securities across different portfolios. One security that was purchased was ConocoPhillips (COP). In the weeks leading up to the 9/20 drop, we had seen the energy sector exchange traded fund (ETF) XLE move 15% from its most recent 12 month high. COP behaved in a similar manor moving from around $63 per share to $51.41 before starting its move higher. The IMT bought this security on Monday, 9/20 after seeing COP hold support above the 50 day Moving Average (MA) line [Blue] and move higher. Depending on execution time and lots received, the average price purchased was around $57 per share. After Monday, the market began to move higher with an influx in intraday volatility. COP was not subject to the volatility as it climbed to a new 12 month high over the span of four trading days. The IMT decided to take this trade and sold COP on Friday 9/24 at around $65 per share, a gain of over 13%. With COP’s relative strength moving above Overbought [above 70] the IMT has set an alert to possibly buy the security back if we see a pullback to around $60 per share. For more information on trades and your holdings, tune into the blog every Wednesday afternoon.