Sorry it took so long to respond, I had to go to work!
I don't follow DRQ, I follow another 40 oil service stocks, but not that one. I'm putting a moratorium on new stocks for a while so I can improve my web site some. Working on making it a little leaner and quicker.
If OSX stays anywhere close to 108 or above that level on Monday, I will get an early sell signal on the daily stochastics, only 2 days after the buy signal, a reflection of how quickly this sector has turned around, and how volatile it is. Frankly, I'm not selling anything on this particular early sell signal. Every time in the past when a sell signal occured so quickly, it was followed by a few days of flat or slightly upward action, and then another powerful rally (5/17/95, 1/25/96, 10/1/96, & 7/1/97).
I'm going with the later sell signal this time which won't occur until at least after Thursday's close. More than likely I'll be going with a sell signal that occurs even later (when stochastic rises above and then falls below 80). We have incredible momentum going here, I can't see it stopping all at once, not after 3 days of being up more than 3% each day.
Bottom line: This is extremely bullish action. I will be selling later & less than usual in anticipation of the possible next dip.
Remember, my sell signals are less accurate than the buy signals, and were meant for a flat or downward overall trend in the sector. It always sells too soon in an upward overall trend. |
