I read one analyst today mentioning how his favorite sectors for Q3 are materials and energy - and I think, reading between the lines, that his thesis was primarily technical in nature, calling for continued strength in these leading sectors. He was making a case for holding the names that have worked best all year (and last), and why sell now? Who am I to argue. The OIH graph today is encouraging. We've made a nice move off the middle Bollinger band, and today's volume was better than the previous day. I'll take it. The price of oil edged over $72 momentarily today, before backing off slightly at the close, so maybe the case for the energy names is spot on. Let's see if new highs are imminent!
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