Picks and Shovels Ramping

Originally Published in Charting the Markets October 15, 2007 10:52 AM

China has been getting all the ink, but Oil Service stocks are hitting new highs on the backs surging quotes for crude oil. The ETF (OIH) tracking the shares has rallied strongly from a bout of profit taking one year ago, and seems poised for further gains with the global growth story largely intact. The 200 level might be a natural for profit taking, but only the nimble should consider shorting this ETF until the technical picture begins to deteriorate. No Position

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