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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Gary Burton who wrote (55708)11/30/1999 7:01:00 PM
From: BigBull  Read Replies (1) of 95453
 
Gary, I give XOI the benefit of the doubt even down to 500. Actually I'd like to see it go down there and hold for a few days, just to get people asking - when Lord, WHEN <g>.

Same thing for OSX, a tad below 75 but still holding in the face of a stiff 3 - 4 day market sell off. If these oil indices can hold up in the overall short term bearish market trend, traders will jump on.

"Oil up 25 cents (ho hum)" But that ho hum is in the context of a very sharp rally to 27. A PB to 25 is well deserved after that run from the low twenties. I believe even you are calling for a rally to $30 sometime soon here, are you not? The price pattern that evolves over the next week in crude will tell us a lot, don't you think? If we do a penantish or flagish consolidation here, Wolanchucks 33.45 is entirely within the realm of possibility.

Thing to watch - imo

1. Short term consolidation pattern in crude.
2. Oil indexes holding in a small zone.
3. Positive XOI/OSX action wrt weaker oil.

Then I think it will be more appropriate to talk about taking out near term highs. I'm pretty much staying in any way. Just think that those positive comparisons will be there over the next 6 months. If I make good money on those OEX puts I'm rotating it right into OS stox.

Btw, do you do Elliot work on the OEX? I'll bet many would be interested in an OEX count as the options market there is probably the most liquid.

TIA Bull

JMVVHO

Bull
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