TECHNICALS -OIH

The OIH is crawling higher again with yesterday's close above the 50 day SMA and it looks like 135/140 may be in the cards for next week. Of course now that we have Cramer saying the reason for the move higher is the value guys have gotten involved and never mind my other predictions, lets go with my new prediction. Adam has been following the Cramer nonsense on this one and its pretty good amusement. Also interesting how the OIH is considerably higher (lows were under 120) than it was when crude was higher (crude near lows).

Back to futures trading, the DJIA Futures are down 42 as I type (12,015) and I expect the dip buyers will get busy early and buy this gap open. The pivot is the 12,050 area and support is at 12,025 (1) and 11,990(2). NAZ and SPX futures slightly lower and the SMH is set to open unchanged to slightly higher. Also keep an eye on the brokers as they have started to lose the recent jig.