Here’s a quick heads up on oil stocks
Gary Kaltbaum is an investment advisor with
over 18 years experience, and a Fox News Channel Business Contributor. Gary
is the author of
>The Investors Edge. Mr. Kaltbaum is also the host of the nationally
syndicated radio show “Investors Edge” on over 50 radio stations. If you
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Just a short note to let you know I think there is
a good chance that OIL STOCKS have put in a near-term and possibly an intermediate-term top. These stocks have had their way for quite awhile. They
are overowned and overloved…and I suspect that the momentum crowd may run
for the hills. I am also noticing quite a few names breaking the 50 day
average for the first time as well as trend lines that are being broken.
As far as OIL PRICES are concerned, they are a
stone’s throw away from breaking support levels. A break will only confirm
what we are already starting to see.
I will have a report on the rest of this
nauseating market tomorrow.
Gary Kaltbaum