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Strategies & Market Trends : Tech Stock Options
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To: MonsieurGonzo who wrote (52448)9/13/1998 11:14:00 AM
From: SJS  Read Replies (1) of 58727
 
Steve,

<<The XOI/OIX.X - BigOil sector appears to be near the top of its DownTrend channel. I'm assuming that much of their recent apparent strength is a result of: USD devaluation; its effects on CL98Z - CrudeOil Futures; and, the sector's over-sold state.>>

Could you explain the first sentence a little more? Does this mean we've hit the bottom on oil, and we go up slowly from here, or....something else?

Your USD devaluation is part of it. As well the market likes:
1) OPEC recent compliance % and positive psychology it may be having
2) Recent API oil usage report from last week.
3) Global Weather incidents (Hurricanes, etc)
4) Political/Economic turmoil in certain oil producing country

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