1 reply to this topic

[hiker]

H line shows .618 retrace of the 1507 to 1576 advance...have no idea if this level will be tested before the uptrend begins again in earnest, but would it surprise you?

[Cirrus]

Oil stocks are not being embraced as oil has really moved higher. If players don't want to own these stocks here that really makes me wonder where the market is headed. One may see that the higher oil prices were already "priced in" but this is a bunch of hogwash. Most quality large cap E&Ps are priced for well under $60 oil for the LT IMO. I've been working on a ratio chart of the WTIC/OSX. When this ratio is rising the market tends to perform poorly in the present time frame and the immediate future time frame. I'm trying to incorporate some MAs as a market timing tool but haven't refined it yet. It does look like it's worthwhile, though, and has done well over the past couple of years as a leading indicator.