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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (26795)	2/20/2005 10:58:13 AM
From: Square_Dealings	Respond to of 110194

was just looking at bullish percentage of 90 for energy and utilities m

To: russwinter who wrote (26795)	2/20/2005 3:24:05 PM
From: jimsioi	Read Replies (1) \| Respond to of 110194

Russ, Energy making a top??? Your are rather out alone making such a call...Energy stocks are pretty strong right here...All the self congradulatory bearishness on Wall Street heard on CNBC right at the beginning of the year has been proven to be wrong... Looking at a long term weekly chart of the XNG, for example, I see this energy bull is two and one half years old and has risen in the XNG's case from 100 to over 300...Sure appears in retrospect to have been easy to make alot of money..Currently the RSI indicator and green DMI line are making moves to the top end of the scale from which corrections over the last 30 months have come when the indicators have reversed...For the most part the corrections have been shallow from the perspective of purchases made early on, no so if one had just gotten on board, perhaps... To me, at this juncture it looks like a case where Energy will run to far and have as you suggest an intermediate correction beginning in April a little deeper than those we've seen on the way up, perhaps occurring with a general market down leg.. stockcharts.com[h,a]wacaynay[d20000220,20050220][pc40!f][iut!Lb14!Ll14!Le12,26,9!Lp14,3,3!Lya7,14,28]&pref=G