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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 691.66

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Jan 16 4:00 PM EST

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To: Johnny Canuck who wrote (47683)	4/6/2012 2:43:58 AM
From: Johnny Canuck	Read Replies (1) of 69861

Market Call Tonight: Josef Schachter, President, Schachter Asset ManagementFOCUS: Oil & Gas StocksMarket Outlook: We remain in the bearish camp. Sluggish economic growth in most of the OECD, depression in Spain and Greece and a slowdown in China will dampen demand for commodities. As a result of fears of the closure of the Straits of Hormuz by Iran, high levels of oil inventories have been built to cover such an event. Now that we are entering the energy shoulder season [UTF-8?]â€“ between winter demand and the summer driving season, any weak economic data will accentuate the glut of oil inventory and depress prices. In April 2011, prices retreated from $114/b US for WTI to $76/b US in August. Additional items that could impact the price of oil negatively would be a stronger dollar if the Sovereign debt crises in Europe rears up again, and if the Presidential election race focuses on balancing the budget and accepting austerity. Our target for the S&P/TSX Energy Index remains <200. [Johnny" The video is not up yet, but he is calling for a potential 20 percent further correction on the Canadian oil and gas sector due to over supply of oil and gas and a potential further sovereign debt issue with the central banks getting into the trouble. He is calling for a 25 to 30 percent correction on the oil and gas service companies. I am not sure I buy his complete rationale short term. Trailing stops have take me out of a lot of oil and gas stocks and O&G service stocks the last few weeks through. If his message is the prevailing message panic will ensue on any further sign of weakness.]

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