This entire up move has been marked by fits and starts.The OIH's first thrust past 130 was marked by a very sharp pullback as well.Anyone who expected different wasn't paying attention.I'm not as good with the charts as DJ and the BEAR, wasn't that a sitcom??, but don't deny the forest despite the trees.The bottom line is the trend is still up, and money has been flowing out of the sectors like the drugs, consumer staples, and retail that led to OIL's demise in the first place.XOM's strength speaks to the facts that the yearn to own ENERGY is still there, but for now, with CL prices still in a downtrend, investors are seeking the safety of the behemoth.That will change.As for next week, every strike from 130 to 150 is in play for the OIH
BJ and the Bear - 1979 to 1981.The chimp's name was Sam.Hope this helps the next time you play team trivia.
thanks - as I recall, it was on NBC
http://stockcharts.com/webcgi/Pnf.asp?S=NBR&J=60MN&N=A&C=2http://stockcharts.com/webcgi/Pnf.asp?S=oih&J=60MN&N=A&C=2I agree the trend is up but today is murder.
Agreed,Only in the OIH, at 11:30 EST yesterday, when virtually every factoid, technical, valuation, whatever, said BUY, was it actually the right move to sell.Although I have mucho hedges in place, I'm getting spanked today as well.And to my extreme sadness, Lizzie ain't doing the spanking