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September and a calling the short term selloff
at the beginning of October, oil services stocks
turned back up, and about two weeks ago, we said
that we were getting signals indicating a
likelihood of another brief drop-off which would
be followed by a similar rebound. With the
sector as a whole off just under 10% and
individual securities lower by about 15%, it
looks like stocks in this sector will be headed
back up soon.
Wednesday, October 11, 2000:
Starting again to get signs of topping similar
to those we got about a week and a half ago
(after which, the sector sold off about 5% and
rebounded higher). As stated then, this suggests
that again the sector is running out of upside
and may start headed down soon, but this is not
a sell yet.
Monday, October 2, 2000: We got a
sell on 9/12. They dropped and dropped fast. We
got a buy last Monday on the one-day reversal.
Most of the oil services are up between 15% and
25% since then. We now have bearish signals on 8
of 14 stocks in the sectors. Not a full-fledged
sell yet, but they've picked up a lot of their
upside already (for the short term, at least).
· November
2000
· October
2000
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September
2000
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August
2000
·
July
2000
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