Stocks finally got some relief from the oil markets on Monday, as WTI declined 4.6% to $94 per barrel and Brent dropped 2.6% to $100.50. One stock to consider trading is GE Vernova Inc. (GEV), a global leader in the electric power industry, observes John Eade, president of Argus Research.
While the overall technicals remain questionable for the major indices, we are seeing some clear washouts in sentiment and market breadth. According to Goldman Sachs, short exposure across macro products – index futures and ETFs combined – has climbed to the highest level since September 2022. Extreme positioning that could easily set the stage for an explosive short squeeze.
GE Vernova Inc. (GEV)
Data by YCharts
Last Thursday, the S&P 500 Index’s (^SPX) McClellan Oscillator also declined to an extreme oversold condition of -95. That was the most oversold since December 2024 and April 2024 – and more oversold than April 2025 during the tariff tantrum.
As for GEV, it has been a monster stock since its April 2024 spinoff from GE. From $140, its price soared to $437 by January 2025. The shares then corrected to $271 by April. Support came from the 50-week average, and the decline represented a typical 61.8% retracement of the initial advance.
The stock bounced to all-time highs on Dec. 10, traced out another flag to its 50-day in early 2026, and has been crawling higher ever since. We would put a stop-loss just below chart and moving average support at $760. With no overhead resistance, we would take profits at $890.
