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Overbought OIH

 
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PostPosted: Sun Jun 17, 2007 3:40 pm    Post subject: Overbought OIH Reply with quote

Both the S&P 500 and Dow Industrials are near their yearly highs. However, technical indicators are roughly neutral short-term, although the market may pullback next week, and then rise into the new quarter, the 4th of July holiday, and earnings reports in July. If there's a market pullback next week, OIH (oil ETF) puts may be a better trade, since OIH is overbought and volatile (see three-year weekly chart below). Perhaps, OIH Jul 175 or 170 puts are best for next week.

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