DUG (UltraShort Oil and Gas) Is My Primary Trade Tomorrow

DUG (UltraShort Oil and Gas, http://stockcharts.com/charts/gallery.html?dug) is my primary trade tomorrow, see http://finance.yahoo.com/q/ta?s=dug&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.

DUG has an upside gap at 41.50. The XOI (AMEX Oil and Gas) has a downside gap at 900.39, and, has an upside gap at 952.76. XOM (Exxon Mobil) has downside gaps at 69.96 and 66.09, and, has an upside gap at 77.49.

Note that DUG was in an intraday Wave C type move at session's end today/on 11-10, that looks like it'll bottom very early tomorrow, see http://finance.yahoo.com/q/ta?s=dug&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. It should (ideally) bottom above today's cycle low at 34.64, and, it definitely should bottom above last Tuesday 11-4's cycle low at 33.83.

Sector lead indicator Exxon Mobil (XOM) put in a large bearish spike shortly before session's end, see http://finance.yahoo.com/q/ta?s=xom&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.

The XOM Lead Indicator was a bearish -0.53% versus the XOI (AMEX Oil and Gas, http://stockcharts.com/charts/gallery.html?%24xoi) today/on 11-10.

Also, note that DUG has a large bullish inverse spike on 11-5's bullish white (close above the open) candle, see http://stockcharts.com/charts/gallery.html?dug, which is a bullish double bottom with 11-4's cycle low, that appears to be a major intermediate term cycle low (see second chart at http://stockcharts.com/charts/gallery.html?dug), because, DUG completed a huge three week+ Elliott Wave ABC down up down downcycle (inverse Elliott Wave 12345 pattern = down up down up down). Nothing I discuss on this Blog is a recommendation.

.......http://www.JoeFRocks.com/