Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
Oil, XLE Headed for New Highs
If my work proves accurate, then the XLE is heading for new highs above 60.15 into the 62-64 target zone to finish the 2002-2006/07 uptrend. From a near-term perspective, I could be remiss in waiting for a pullback to 56.60, but the XLE is up about $2 in the past week, so I choose not to chase the upside right here, right now.
Having said that, only a break of 54 will begin to compromise my current outlook, while a decline that breaks below 53 will go a long way towards invalidating it.