Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.27

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Dec 26 4:00 PM EST

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To: xcr600 who wrote (43015)	2/8/2006 1:16:41 AM
From: Johnny Canuck	Read Replies (1) of 69259

I know TOPT backed away from buying some used tankers for their fleet 2 quarters ago in addition to cancelling delivery on some new tanker. They were noticing some weakness in shipping rates. In the interim they have acquired some new used ships recently. In general I think shipping demand as reached an equilibrium level. There is no point in shipping more oil because there is not the refinery capacity to handle it when it get there. Most of the excess capacity was being absorbed by China and India. My impression was that is moderating. I would listen to the more recent TOPT conference call to get more flavour. I don't have much time to hear the calls these days. OIH breaking the 20 day EMA. A lot of momentum trader will be exiting if it does not reverse in the next 2 days. I personally would not be concerned of a potential trend change till 140 or 130 is broken on volume. I expect most of this is an early shift out of the sector since the winter has been mild. The summer driving season should see a rally, Keep in mind the general market weakness in the other indices below though. I would watch the support levels closely. A bad economic equals weakere oil prices. 139.142.147.19 On other issues: Biotech holders break the 100 day EMA on heavy volume. Serious change in sentiment going on. 139.142.147.19 All the indices need to rally here also or a significant pull back is in order: QQQQ at breaking 100 day EMA on heavy volume. This is strong support region. A break down further is a indicate of more weakness ahead. 139.142.147.19 SPY in the same situation: 139.142.147.19 DIA above support but barely: 139.142.147.19 SMH is acutally bouncing here but one light volume. It need to show more volume and soon as it is the only component showing any leadership: 139.142.147.19

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