Monday, July 14, 2008

XLE Update



Today I bought XLE pretty much near the highs of the day. My stop is below last week's low so the risk on this trade is very very small. The stochastics have crossed upward indicating a buy signal is in place. Now I'll just sit back and let the market do what it's going to do. No thinking, just trade the setups, place your protective stops and walk away!

2 comments:

Adam said...

Kevin,

On further checking the XLE, I find the recent highs are being made below the trend line starting from lows of Jan/Mar. In other owrds, I think the trend line has been broken. Also, the OBV is falling very badly along with reduced volume. I think XLE is unlikely to go up under these conditions and instead DUG is the one which will be heading up.

I thought I might share this with you for your review and comments.

Thanks,

Anonymous said...

That just looks too much like a bear flag to me.

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