Our proprietary energy cycle indicator turned down this week from the
divergence as noted previously.
OIH (VanEck Vectors Oil Services ETF) is now on a sell signal.
XLE (Energy Select Sector SPDR Fund) is also on a sell signal.
XEG:TSX (iShares S&P/TSX Capped Energy Index ETF) also triggered a
sell signal this week.
Summary
The energy sector cycle is now down, with sell signals in the ETFs. A
multi-week correction is now in progress.
Jack Chan is the editor of Simply Profits at
www.simplyprofits.org, established in 2006. Chan bought his first mining
stock, Hoko Exploration, in 1979, and has been active in the markets for the
past 37 years. Technical analysis has helped him filter out the noise and
focus on the when, and leave the why to the fundamental analysts. His
proprietary trading models have enabled him to identify the NASDAQ top in
2000, the new gold bull market in 2001, the stock market top in 2007, and the
U.S. dollar bottom in 2011.
Disclosure: 1) Statement and opinions expressed are the opinions of
Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly
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All charts courtesy of Jack Chan.
