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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: quehubo who wrote (35388)	9/29/2004 9:20:42 AM
From: chowder	Read Replies (3) of 206089

Que, Before giving my analysis on the OIH and the XNG, let me share some insight into how I use my indicators. About a week ago, over on HTP, someone asked me about EGHT. Here is what I had to say at that time. >>> I think it's time to take some profits off the table on EGHT. My indicators are "SCREAMING" pull back time. If you don't feel comfortable selling all of your position, it would be prudent to sell part of it at this time, based on what the indicators are saying. <<< dev.siliconinvestor.com The price gapped up at the open on the next day and then EGHT proceeded to correct 16% over the next two days. In looking at the OIH, I don't see those same screaming signals on the daily chart. However, I do see signals of a correction when I pull up a two day chart (where each bar represents 2 days instead of one.) I don't think it will be a major correction but, I do think you'll see a pull back over the next few days. A normal correction takes OIH back to $78 where I would need to provide another analysis. This analysis is barring any market moving news that we don't know about yet. The XNG is showing signs of a correction on the 2 day chart as well. The daily charts still look strong so the thing to look for is whether you see a gap down in price or not. It takes a gap down to get a good profit taking session going and driving prices down to levels of support, in my opinion. dabum

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