Yes , gold stocks are my favourites, too after XAU had broken its downtrend. Silver plays look even more attractive. But I equal weight oil and precious metals plays in my portfolio, not favouring one at the cost of another.
anyone have any information on the (rumored) upcoming oil ETF that might be released in the next week or so? CNBC had a little story on it while reporting crude going over $66....is their any truth to this? XLE looks pretty bullish right now, with a stop placed place just under the 50day
XLE, OIH and CL futures all either retested or marginally exceeded January highs in April, as expected. But I see no signs of reversal, so they will probably go higher. How much, I don't know yet but expect at least 8-10% more before serious pullback.
Err I'm short now. I figure that oil weakening(breaking support) even though I'm hearing people yell "the sky is falling" is not a very bullish thing.
Damn. -$3.5 out. Gold is bottoming and I feel it will lead oil higher, anyways, not short it anymore, not going long either, because I'm heavily long gold already. But it's bullish for the record...
Posted this analysis (see below) a month ago looking for a reaction in oil shares (which worked out)..No longer bearish -- now seeing signs of an end to this reaction and think odds on script now favor a rally -- possible move to 160 in OIH... http://www.street-noise.net/energy/trouble-ahead-for-oil-shares/
Closing out and selling XLE tomorrow...I'm satisfied, and we are getting a little to parabolic for my tastes. Once again lets hear your thoughts.. This time on FXE