Refiners' and Oil-Service Charts Signal Caution
In my life as a trader, I've committed to learning and using all the tricks that are out there. I also consider myself an astute technician, reading the charts and assessing the risks and rewards that only the pure numbers generate. Today, the charts of stocks in two specific energy sectors, services and refining, have me slow to pull the trigger on any buying in energy right now.
There's been a distinct underperformance in energy shares in 2012 -- everyone has become aware of that. But since late June of this year, the energy sector has done a magnificent job in trying to catch up to the rest of the indices and rebalance itself. For those of you who follow me regularly, some of the recommendations I made in early July took advantage of those very cheap numbers to make decent returns, one being my recommendation of the service company Baker Hughes (BHI)....403 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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