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Following-up on my “Energy Maxing Out” post from two weeks ago, both the XLE (ETF for energy stocks) and SLB (best of breed oil service play) continue to hold major, long-term support despite wild broad market swings. I see plenty of ambitious bears who seem quite certain of a breakdown taking us much, much lower. However, I am not too interested in any type of swing trading from a short perspective until we see these major levels lost.
The prior levels that I discussed earlier in the summer were essentially short-to-intermediate-term levels of importance, which we obviously lost. The extrapolators have inferred from losing the intermediate-term areas that all hell is about to break loose. You should remember those same extrapolators were calling for 800 on the S&P 500 at the depths of last summer’s bottom.
The levels I am now referring to are long-term and should not be taken lightly at all–Just look at how tough it has been for bears to break through them of late. In particular, I am referring to the $62/$63 area on the XLE, and $72 on SLB.
Block out the noise and keep your eyes on those prizes.
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as always excellent. im lookin at all commodities.
Chess, you got a beautiful girlfriend 🙂
Like the saying goes. This too shall pass.
Domesday prognostications makes bad investments. Have a great weekend.
That other girl with the camera was leaps ahead of this one. But I digress….thanks chess
Agree.
Worlds apart, yet both amazing.
Seriously where are these pictures from?
Is this a trick because i am definitely taking the “cheesecake”, the other cake will make you fat :)~