Saturday, April 05, 2008 3:24:34 PM
Sorry for the late reply; life has been busy.
In the short term, I agree; it looks like we should pull back. Up against some trendline resistance, as well as the Price and Volume McClellan Osc are in over bought territory. Both MACD indicators are also overbought, but have not turned over yet. Looks like odds favor a pull back. Target maybe the declining blue trendline, and/or the rising black trendline, around 73.
For the longer term, I am wondering it the XLE is finishing up with a diamond top formation, drawn in black. Not an expert in this pattern; just know it is topping pattern. Here is a link:
http://www.trending123.com/patterns/Diamond-Top-Chart-Pattern.html
The energy BP is still in a column of X's, but in the overbought of side of things. Given the short term outlook, tighten of stops would not be a bad idea.
Hope all is well with you and really like your signature picture!
Jared
jjames10@nc.rr.com
"Don't Panic!"
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