Thursday, July 23, 2009


UUP: double bottom w/ pos divergance
USO: lower high (as market makes a higher high) + rsi backtest
Short term (1-4 trading days), It looks like Oil/Energy wants to pull back here. Since its been a lagging sector here on this push and was the first to drop on the prior leg down, I "think" that it looks like one of the better risk/reward "falling knifes" to attempt to catch here.
DTO, DUG or ERY look good here to me, for a quick mini swing, with a conservative short term exit target based off of:
Target: USO 33.00 (the trendline)
Let's see if the ole technicals work here....USO is giving one of my "fav 2 signals"
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