We have still 2-3 more weeks in this daily cycle (maybe 4-5 as this half cycle low was quite deep).
I was watching XLE and ERX today. Both of them closed on daily maximum with high volume. ERX is just 1$ from the new highs.
Smartmoney is buying ERX and XLE. They are positioning for the breakout from the consolidation.
Oil is still suffering at the trendline. Does smartmoney know something what we and oil doesn't?
I would say : yes.
I'm waiting for a positive surprise here in oil. A surprise to the upside. Something what ERX and XLE ( and a lot of idividual shares) are pricing in.
Today we tested back the trendline again. The falling dollar helped a lot for oil to recover.
I'll be watching very carefully the HCL low at 43$. We have no business below 43$.
If crude goes below 43$ with the falling ERX and XLE I will get out of the position.
I was watching XLE and ERX today. Both of them closed on daily maximum with high volume. ERX is just 1$ from the new highs.
Smartmoney is buying ERX and XLE. They are positioning for the breakout from the consolidation.
Oil is still suffering at the trendline. Does smartmoney know something what we and oil doesn't?
I would say : yes.
I'm waiting for a positive surprise here in oil. A surprise to the upside. Something what ERX and XLE ( and a lot of idividual shares) are pricing in.
Today we tested back the trendline again. The falling dollar helped a lot for oil to recover.
I'll be watching very carefully the HCL low at 43$. We have no business below 43$.
If crude goes below 43$ with the falling ERX and XLE I will get out of the position.
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Surprise to the upside.
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ERX broke out also.
I told you : smartmoney knew this coming. They were collecting these shares whole this week and last week.
I told you : smartmoney knew this coming. They were collecting these shares whole this week and last week.