...as you probably noted in my last few posts, I've been a buyer rather than a seller ... despite the HUGE build-up in storage, (inventories for crude 14% over the 5-year average, gasoline 7% above the 5-year, distillates 17% above, and NFG is at the top end) the $SPTEN index hasn't been below the 200-day MA in over 3-years. The lowest MA it ever seems to fall to is the 130-day-SMA where it becomes a buy, tremendous support in that area.
Anyway, I think you're supposed to be buying the 'patch when inventories are swelling and selling when they aren't.
fwiw, it's still kinda of freaky seeing the oil/gas ratio so out of step with one another-- what's one to think...?
Don Coxe is hugely bullish for amazingly contrarian reasons-- what was one a bearish indicator in the futures market "contango" is now a bullish indicator, saying that longer dated contracts have been outperforming the spot-price.
Heavy oil producers are still the hottest-- WTO.TO broke-out on friday and UTS.TO has a very bullish chart formation-- reason enough to be long the $C although it's a wee bit extended.
...and I still like drillers, as for the American stocks I think Grey Wolf (GW) has found a bottom here and is showing a classic reversal formation.
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