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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (9367)	5/8/2008 6:39:14 PM
From: John Pitera	Respond to of 33421

Great.... fits right into my Elliott wave analysis...... we should ask Robert Furman what he thinks... he's probably got the right answer!!! ;-) But seriously I have to admit from a sentiment point the crude and the energy service stocks are looking frothy for at least a reasonable 3 to 5 month to 8 month correction coming into play here very soon. I'm looking around for the appropriate turning point time window at this point....... The Market has been really running hard so as a general principle it's pretty dangerous to start allocating money into shorting against the bigger trend, Use ascending trailing stops on your long positions on all your trading and intermediate holdings (12 to 18 months and under). With the integrated oil stocks, refiners etc you have to start to get worried about punative taxes proposed or enacted by the potential/likely upcoming administration. ... The energy service sector stocks have to keep an eye out on the proverbial dip in demand coupled with countries like China also building rigs and offshore stuff. Not as good as the Best of Breed deepwater stuff coming from GSF or RIG. John