Of course you're not the only person celebrating. And yes, there are some long-term break-throughs pending. The first p&f buy signal will be given at $9. Until it actually reaches that point we are in a zone of heavy resistance, however. A number of other energy stocks, EVER included, have recently broken their bearish resistance lines and are on buy signals. Asia is picking up, whether one believes it or not. Asian stock prices are showing good strength, and when one looks at weekly charts going back 5 years or so these things really start to look amazing. For example, I stared at a daily chart of JAPNY going back a few months and saw nothing remarkable. Then I switched to a weekly chart and the picture changed completely.
The last AGA numbers I saw showed a surprise rise in storage levels, but that didn't negatively affect any of the stock prices of NG companies. A few months ago such news would have sent these stocks reeling. This sector is so oversold --still-- that I think we're still in good shape. That said, I have a sudden need for great amounts of cash, so I sold 1/2 of my SFY holdings, as well as my entire position in 3 other non-energy stocks on Friday. And I have still more selling to do. D***, things never happen when they're supposed to.
Thanks again for all the detailed number crunching.
pg |
