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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: megazoo who wrote (60844)	5/2/2002 8:09:01 PM
From: westpacific	Respond to of 99280

You have many things to look at with energy. First the utilities, these are awesome stocks in this environment as many pay a 5% dividend and act as safe havens. However they have run up quite a bit here. Right now the index has not been able to break resistance and that could mean a pullback. The index gapped down below a GANN line a week ago, showing some weakness. Next the oil companies, the chart is downsloping and not real hot, these most likely will just tread water and not get far. The index has traded 224 to 282 for over a year now. A break above 280 could signal a new uptrend. Oil Services, again pricey and showing a wave 5 topping pattern which could push higher. It is trying to break out at about 112 and has failed several times, a break above that level will take the sector higher. Coal - downtrending. The chart looks to be putting in a bottom and if we test 63 and hold that could signal a buy if it breaks look to 50/55. But right now still downtrending. Water Utilities - Hugh uptrend, could be topping and retest high of 349, need to see. These do not move fast but is an up and coming winner in the utilities area IMO. However the average PE is now in the mid 20s, I would let them cool off before playing here!