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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Broken_Clock who wrote (10147)1/29/1998 8:27:00 PM
From: Thean  Read Replies (3) of 95453
 
Dave, good chart to show. 104 is the magic number. If it breaks 104, the fact it has some head room before reaching the upper BB is very encouraging.

The scenario I would be uncomfortable is if it is near the upper BB and it breaks 104 intraday. At that point, it would have to overshoot the upper BB strongly intraday and close on a high note to confirm the breakout. This is technically difficult.

The Stochastics can go either way however, Also a note of caution, a double bottom may be necessary before the surge momentum becomes sustainable. I have seen many charts showing double bottoms before the eventual reversal. A double bottom is like double blessing for the eventual up phase.

Tomorrow should be interesting. Also, I'd like to see the day when crude price drops precipitously for whatever reason and see how the drillers react.

I'd think hard about mortgaging my house, bicycle and computer if
- We break 104 OSX decisively tomorrow;
- We have a gap up followed by a broad base rally on Monday;
- The Dow tanks 150 points;
- Techs sell off, NASDAQ down over 30 points;
- Crude stays above $18; and
- PEngr does not post this weekend.

If indeed we have a rally, buy the dogs (UTI, PTEN and BDI) for the greatest percentage gain - remember you hear it here first.
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