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November 30th, 2009 at 3:08 pm
Samz…I think oil is on the way down to probably 75 before it moves back up, which lines it up to either take another dip or take a big swing up on the inventory reports. I wouldn’t position yourself in this one until we get that news. I would say if inventories are good XLE is a great buy, and you can ride it for awhile … until oil gets back up to its higher range say 80. If inventories are bad, avoid XLE. I wouldn’t buy it until things then smooth out around 74. Closer to the end of the week. I don’t think oil has much more room to swing down past 74 though.