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Thursday, April 14, 2005

VEXP, Oil Stocks for Thur

Today's big selloff of major indexes indicates that the market might wanna go down a little bit further from this level. So watch carefully for their next stops: 10250 and 1950 and I think cash is probably the best option for Bulls now.

VEXP:
  • Its chart looks much better today compared to yesterday. Momentum stays strong and the price held up well considering the huge market selloff today.
  • I'm still expecting a strong bounce back to 10-11 very soon IF the general market is able to hold this level of support for at least a while.
  • Two entry points here: as close to 7.5 as possible with a stop-loss set just below it; upon break of 8.65 with large volume with a tight stop-loss.

See my previous post and comment about Oil Stocks GEOI, ABLE&FUEL.

Trade well tomorrow!

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