By The Way, I Forgot the OIL Thing
Oh yeah. Before I go to bed: Oil’s down. Down lots. Everybody is happy. Gas is cheap. Oil stocks? All sucking wind, of course. Major breakdown from long-term uptrend. Or is it?
Monday, 9/11/06 was the highest volume day for Exxon since 10/18/05. In case you’re new to this site, I see high-volume days as extremely important. Often they serve as support/resistance all by themselves. This huge day followed by a few noodling sideways days spells trade entry to me. Since the entire world seems to be declaring oil a short, I’m inclined to watch for a long entry. Let’s keep an eye on this one.
ExEngineer said,
September 29, 2006 @ 8:24 am
Good call! Looks like you were right on the money.
Will said,
September 29, 2006 @ 10:42 am
EE,
Thanks. Every once in a while they play nice.