This week, in case you missed it, everything shot up in tandem presumable as a result of the Fed. not doing anything and even opening the door to never doing anything. Oil shot up 9% (see our blog), the Can. Dollar had a great week and everything else that was down between 30 t0 80% over the past year had a great day. Will it last? As always we have no idea but we do take our cue from the patterns, in this case the TSX and Schlumberger as a, random, proxy for the oil companies. There are very clear a-b-c’s, they are corrective and that does not bode well. Obviously that could change but for now we prefer the bear side. The TSX did the usual 1000 points, twice actually and the second time in little more than a week. That should do it give or take one little push after thanksgiving.
There are many others that follow this general pattern. Halliburton, HAL, is another excellent example.
