Thanks Pascal. I had not considered that before and will keep that in mind when looking at the energy sector.
I did see that the shale oil sector and oil sands sectors issued buy signals last week - in conjunction with the whole energy sector. This leads me to believe that a short-term bottom for oil prices may be at hand since their unconventional methods require higher prices to breakeven. If I am not mistaken, that price is somewhere in the 70's or low 80's, depending on each producer.
I have not had enough time to put together a meaningful review for the weekend. I hope to gather my thoughts on my days off this week.
I will be traveling this week and part of next week, so I have prepared some observations that I will share now.
The main gist is that there are going to be select opportunities on the long and short side, but some patience will probably be needed and rewarded while price action evolves.
I really hope everyone has had the chance to read Mike's CANSLIM commentary and Aly's CSI, both of which are really helpful for me and thus very appreciated.
With futures pointing lower, I think it will be important to see whether weakness begets buying. My report contains some observations from the past week. With sentiment moving lower and some signs of technical improvement, I think excessive bearishness could be dangerous. Meanwhile, there is still time needed for more repair and healing, which prevents too much bullishness. Some more range/base building might be good for a fourth quarter or earnings season rally, even if it is just a bear market one.
I'm hearing the type of chatter and buzz about gold and silver miners that normally precedes a big move in these issues, and will be watching with keen interest how the story on them continues to develop.
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