Energy Stocks on the Cusp of a Breakout
Energy stocks are on the cusp of a breakout above a major resistance zone. It may tke another week or two to break through, but I think they will. Once they do, I think energy stocks will produce a big move this fall.
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I thought hitting 71 0n Aug 18 was the breakout. At one point I believe you said 71.5, but chart wise that seems like an arbitrary number. What will confirm the breakout in your opinion?
Weekly closing above?
Gary’s blue line.
Correct. XLE needs to close solidly above that level. At the moment it’s stuck in limbo, not above, but not falling back down either.
More leverage in crude than oil stocks? PM stocks may be awfully close to a turn? Interesting times ahead?
Forward splits in nugt and jnug. Reverse splits in dust and jdst. We could be getting close to a turn in pm stocks?
I think by early next week. Maybe even yesterday, but I’m not prepared to make that call today ahead of Jackson Hole.
Yeah, Iackson hole! .Today’s short covering rally in nugt petering out toward close. Hard to see $gold going too far below $1300? May be fractionally below. Tomorrow or Monday/Tuesday opportune time to go long on pm stocks? One day at a time.
No one has anything to say about the biotechs?
Pm stock buying opp already here? Jackson hole a non event, all the hoopla notwithstanding? Crude etfs getting a firm bid?
about biotechs ?? nothing worth more than taking a peep now and then.
there are plenty of stocks and groups providing better reward/risk ratios, such as the energy stocks sector touted by Gary too.
PS: SDRL and ERF make betterand better plays by each day. looking forward to buying them next week.
Next stop for S&P is 2121
I personally doubt SPX will move below 2137 and even if it does that day will chart a long hammer-sort tail.
Crude shows great resilience despite stocks’ blood — another omen of ongoing energy power touted by Gary.
Why no one is talking about gold & it’s today’s movement
still in the triangular consolidat ion range coiling action possibly till 2nd half September for breakout.
Miners can’t run ahead without upside breakouts in gold and silver. better comolete the consoludation first, usuall measured from high to low in the 20%ish to 30%ish region, looking at past stretched run ups.