TECHNICALS - OIH

The markets continue to laugh in the face of anyone who found a buy signal Thursday, Friday or today and it is becoming very discouraging to all us dip buyers. Tomorrow may be turnaround Tuesday but it seems like it could be a long time until tomorrow and who knows how low the markets will be when a bounce eventually comes.

The OIH is now down $6.5 and the selloff seems to be on par with the usual OIH selloffs that occurred at the end of December and the beginning of February. The smart trade at that time was to " buy the dip" and I suspect that will be the smart trade again. It seems that whenever the oil prices rally, CNBC yaps on and on about the unending demand for oil, and when oil prices tumble, CNBC blathers on about the dry up in demand.

My bet, and it is a bet, Oils will eventually get the spike to the $80/$90 level and that will be the time to sell. Where is T. Boone when I need him?