Well, Ray, I wouldn't be buying in the oil patch right here, frankly. I have said and continue to say that they are very likely in a brother move down to the Sept/Oct decline. XOM, VLO, APA all charts to look at with similar patterns, and downside targets much farther. Mind you, I sold my XOM puts today, but that was more to put the money to better use elsewhere (he says hopefully!). I will likely re-enter oil puts if there's any bounce... but if you look back to the priod decline, bounces were tough. ABC can also be the 123... or, if my take is right, we're just starting the 3 (or in the iii of 1). NOT a place I want to be long.
But stuops help in situations like this, cuz goodness knows that stuff like OIH/Hal/vlo/slb/apa can jump up 2 bucks at any time... then just keep on a-goin'.
the freep |
