Ask DrBob Message Board - Msg: 23767507

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Strategies & Market Trends : Ask DrBob

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From: Drbob512	8/6/2007 3:52:16 PM
	Read Replies (2) of 100058

randyi et al: Looks like you will have a chance to buy PBG and PMG on a pullback this week, as crude oil dropped almost 3 1/2 bucks today, to 72, and could drop more this week as the shorts and sellers have taken hold. SU was down 3% today while CNQ was down over 2 1/2%. Crude had a double top reversal late last week and confirmed by today's action, so expect 70 and possibly 68 in the next 1-2 weeks, and then stabilize? The only saving grace is that the gen'l mkt was strong today and prevented oil stocks from falling more sharply. Scaling in at lower increments might be considered for both. I expect a gap down opening for Cdn oil stocks tomorrow after today's holiday from trading. regards, drbob

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