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Tuesday, September 12, 2006

Energy Sector Sell-Off


There's only 1 word to describe the energy sector yesterday. UGLY. Period.

OIH opened below support of 130 and as I said in my earlier post, if this strong support is not able to hold, there will be a free fall. Although it attempted to recover during lunch hour, it was pretty much fruitless as it continued to slide further & wrap up the day on high volume, closing @ 125.8.

With the full candle outside of lower Bollinger Band, I'm waiting for a chance to get in for the move up.

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