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Strategies & Market Trends : Classic TA Workplace
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To: Galirayo who wrote (137599)10/18/2006 2:28:21 PM
From: skinowski  Read Replies (3) of 209892
 
I am inclined to think, Ray, that OIH and XLE are both arriving into what is likely to be support. May not hold, of course, but it might too. Look and XLE - it built a large H&S since last year, and just bounced off the neckline recently. Potentially, this is bullish. I would be willing to buy some here, with the first stop being as close as one point below (We are near the top of a likely 1st up)

Notice that there always was a lot of scepticism about energy, even as they were bubbling up... and now, after they "did nothing" for months, the sentiment is downright very critical. I already heard guys on CNBC mentioning $20 a barrel - with a serious face. In the meantime, commercials are getting long compared to specs.
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