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SPX & OIH

 
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arthur
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PostPosted: Sat Feb 12, 2005 8:36 am    Post subject: SPX & OIH Reply with quote

There seems to be a negative correlation recently between SPX and OIH. When OIH rallied from Aug to Oct, SPX generally consolidated. When OIH consolidated from Oct to Jan, SPX generally rallied. In Jan, OIH rallied, while SPX fell, and so far in Feb, both OIH and SPX rallied. SPX and OIH are both much higher from the Aug lows.

Currently, both SPX and OIH are too high relative to each other. Consequently, it may be best to buy puts on both, since one or the other or both may pullback. However, it's uncertain when SPX and OIH will generally move lower. So, longer-term puts, e.g. Apr puts, may be safe bets, and OEX puts can be substituted for SPX puts.


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