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2006-06-08 :: OSX Reversal

This is a chart I like!  This is today’s action in the Oil Services Index. 

Yesterday, I mentioned that it looked like we were in the process of double bottoming and should start to head higher.  You’ll see that earlier today, we did just that.  This is a very healthy situation and hopefully indicates that the sellers have had their day and its back to the fundamentals.

Haliburton is up, Noble is up, Baker Hughes is up, BJ Services is up, Nabors is breakeven.

If we end on a high for the day, and tomorrow cooperates an shows strength in the sector, I will sleep much better this weekend. 

The death of al Qaida’s #2 didn’t have the positive impact on the market that I’d hoped it might.  I guess only the capture of Osama wil do that.

More later!