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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 652.56

-1.5%

Nov 20 4:00 PM EST

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To: Johnny Canuck who wrote (51205)	1/14/2015 6:34:38 AM
From: Logain Ablar	Read Replies (1) of 68163

HI JC: Yes, but the pain has just started in the sector (6 months in). We don't see a V bottom until the excess supply is soaked up. Russia can't stop pumping, SA won't stop pumping, VZ can't stop pumping (although their production decreases with mis management). In the U.S. we have to wait for the imbalances to play out. Canada is similar to U.S. Did you see SU's cut announcement yesterday? The long term support technically should be $40 (the old 1981 high) but this didn't hold up on the last oil sell off.

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