Sunday, March 18, 2007

Monday's Gameplan and a Look at Some Energy Plays

Not much has changed for me heading into this week. I still plan to short strength and cover weakness. Much of the market is looking oversold, so I won't initiate anymore shorts until I see a decent sized bounce.

I am interested in watching for longs in energy, especially oil drillers and refiners. I still have a long position in HAL, and will be looking to buy VLO if it tags it's 20 day moving average.

I will also keep a close eye on XLE, the energy ETF. It has tagged it's 200 day moving average and could put in a nice bounce.

Take a look at TSO. This oil driller has a really nice looking long setup, which has been a rarity in this market. I may buy a tag of the middle bollinger band.

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