XLE Continues Plunge

Jan 10

by Mike Paulenoff, Wed January 10th, 2007

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Although Crude oil prices tested-- and so far have held yesterday's low-- the XLE (Energy Select SPDR) continues to plunge... with the big integrated oil companies like XOM, CVX, and COP leading the way down.

The XLE continues its slide after attempting to consolidate just below the 200 DMA at 56.15. My underlying oscillators remain in very negative juxtaposition, and my next projected target window is 53.25-52.80.

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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