Early this morning I bought some of the oil stocks because they showed relative strength. I've been bullish on these stocks over the past few days based on the divergence you see in the above chart. I tried buying them yesterday but got shaken out when HAL lowered their first quarter estimates.
Today many of these stocks had some nice moves to the upside thanks to a little help from the Fed. I think if crude oil can rally, these stocks will really start to move.
Wednesday, March 21, 2007
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