Watch List, Saturday, 06/24/2006
by OI Staff
HAVING TROUBLE PRINTING?
Nice Bounce, Holding My Breath
The bounce in energy stocks could be a suckers rally but it may not fail
until after quarter end. Be careful going long any energy positions until after
the FOMC meeting and preferably after July 4th. The rebound from the June lows
is fragile and
we need funds currently sitting on piles of cash to become brave
enough to reenter the sector. This may not happen until the lows are retested.
We are going on a summer position diet with a target of 7-8 positions total
before late July in anticipation of a late August price dip in oil. If we get
some hurricane activity it should push prices higher for one last rally before
the demand drop in August. That will be buying time again for energy.
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