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To: Galirayo who wrote (137599)	10/18/2006 2:12:47 PM
From: The Freep	Read Replies (1) \| Respond to of 209892

Ray -- I never answered your Bio question, and I'm sorry about that. My market-availability is pretty much nil right now. But on that OIH chart, well, I just don't see a totally clear read. Could be a wedge, with a likely break UP. Could be that expanding pattern you note (a wave 4 something or another before a big old 5 down?). Or...? For me, it wouldn't be the first place I'd short, I guess, mostly because it's not clear. That doesn't mean it's not going down, but I just prefer those charts that ring a bell with clarity (which doesn't mean the clear thing will happen, but at least the odds are more in my favor....).

To: Galirayo who wrote (137599)	10/18/2006 2:28:21 PM
From: skinowski	Read Replies (3) \| Respond to of 209892

I am inclined to think, Ray, that OIH and XLE are both arriving into what is likely to be support. May not hold, of course, but it might too. Look and XLE - it built a large H&S since last year, and just bounced off the neckline recently. Potentially, this is bullish. I would be willing to buy some here, with the first stop being as close as one point below (We are near the top of a likely 1st up) Notice that there always was a lot of scepticism about energy, even as they were bubbling up... and now, after they "did nothing" for months, the sentiment is downright very critical. I already heard guys on CNBC mentioning $20 a barrel - with a serious face. In the meantime, commercials are getting long compared to specs.