Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: marc chatman who wrote (57770)	1/3/2000 9:45:00 PM
From: marc chatman	Read Replies (1) of 95453

Crude is, not surprisingly, selling off again tonight -- down about a buck last time I checked. This is significant because it follows the multiple bearish macd divergences which have been building throughout December. It usually takes time and a move down (or at least sideways) to work off the divergence. On the positive side, the uptrend in crude since early last year is still intact. Tomorrow we get to find out whether the OS stocks can ignore this "bad news." I thought we would see a down open tomorrow (taking the OSX sub-80), followed by a bit of a rally to 82+, then perhaps a sell-off on the API's to the 77-78 area before resuming the rally. I was going to trade in anticipation of this move. Now, I will sit back and see whether the decline in crude causes a more significant sell-off. We should know in the first 10-15 minutes tomorrow. The OSX is still in that lengthy triangle consolidation (best seen on the weekly chart). The lower boundary seems to be in the low 70's. EDIT: Anyone notice VTS? It has been making a series of "hammer" candlesticks. Low volume, though, so it may not be significant; nevertheless, it was up today.

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