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Started by pkamm, 10/19/2004 11:22AM
Posted 10/19/2004 11:22AM Opening Post
The spot price of oil is dropping off its $55+ highs, finally confirming the downward break in the energy index rally a week earlier. It should eventually drop as far as the previous resistance (now support) at $47-48/bbl before the next sustained rally. Expect XLE (the energy sector SPDR) to bottom out around $32-33.