I've been watching it from it's origianl up day, where it closed at 19. Oil stocks might be risky, because of the Iraq thing.
Maybe a good buy, but it might be hard to make BIG money on it yet, as in 400% or more.
After today's action, it looks like it has the potential to at least make a 20% run, as long as the group stays good. BTW, Cliffs and UTI are the two leaders in the group, so watch UTI. If either of the two come into major trouble, it might be advisable to watch out.
Well actually, it looks like a good blow off top for UTI.
Speaking of blow off tops check INTC (Intel). That is the best example I have seen in a while. They had the biggest volume day of the run, up the biggest percent. This was followed by a day where the volume remained strong and they retraced a big gain. then the next day strong volume, and they close near the low for the day on a big down day. Coincidentally, I think the only the reason the market is staying up is because of Intel and Microsft, not that Intel is coming down, the market is looking bad. Microsoft also looks like a good blow off top. |
