Tuesday, July 15, 2008 9:56:54 PM
Here's my own analysis of the situation, based on some very rudimentary observations about volume and intraday low behavior:
http://www.covestor.com/mbr/benbien/blog/9653
I would also like to point out that the entire Energy sector was down -3.50% today, and was the sector down the most among the others. It is plausible to suggest that UVSE moved downward today partially due to market conditions such as the lower pricing of oil and Bernanke's statement about having to contain inflation. If Bernanke is more concerned about inflation than the U.S. recession, then it is more probable for him to raise interest rates at the next Fed meeting. Raising interest rates will increase the value of the dollar, and consequently the strengthening of the dollar will weaken the price of oil. A weakened price in oil places pressure on those bullish on oil and gas development companies, and such pressure will contain some quantity of individuals selling and taking their profits (or losses) in UVSE early.
I trade, therefore I am.
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