Tuesday, August 12, 2008

Is Oil's Decline Over?

Interesting Post by the Novice Bear tonight about oil. He uses signals from Thomas DeMark and notes that crude oil is hitting a buy signal tonight based on the DeMark indicators. These things are not 100% guaranteed, but they are typically reliable. Something to watch over the next few days. A significant turn in crude could push this rally over the edge and cause some serious selling. We have to wait for it though - don't jump the gun here.

2 comments:

Paul Stiles said...

Thanks for the link. Interesting action in oil today, eh? I went long the DIG and I'm shooting for a multi-day rally.

Mac said...

No problem - I appreciated the info on the DeMark signal. I've been wondering how long this sector could be in free-fall and when I saw that, thought it might be a clue. I traded PDO today because of that.