CFZ E-Wiggle Workspace Message Board

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Strategies & Market Trends : CFZ E-Wiggle Workspace

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To: Galirayo who wrote (7768)	7/16/2008 9:00:36 AM
From: skinowski	Read Replies (2) of 41466

I'm becoming convinced that the Oil complex has entered a meaningful pullback. OIH at 212 - just as we discussed (but I didn't do) was an excellent shorting area. If USO will retrace only 38% of its advance this year, it is likely to touch under 100. Deeper declines are possible, and maybe even likely. One argument against a large bear market in oil is the COT - Commercials are relatively long, and specs short. Very unusual behavior during a major rally. However - too many people are playing too many games these days. Probably not wise to give this fact decisive weight. DUG has serious resistance near 35. Stops for now, imo, should remain under 29.

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