The winds have been a-blowin’ by me the past couple days…I’m told it’s because of the strong line of thunderstorms to our west.
Anyhow, I heard the Oil Service Stocks literally collapsed today…that caught my attention, and though I know the main cause was the oil slick in the Gulf and the Obama administration’s rash decision to stop all new drilling for 6 months, what is interesting to me is that the charts were warning for several days to STAY AWAY from the Oil Service Stocks. I mentioned this on two or three occasion in the last week…mostly in answer to xxxxxx’s questions about Oil Service Stocks.
….it goes to show that sometimes charting can spot trends and those trends can then be extended by bad news in the sector!
“Stick with Ace!”