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September 26, 2005
Energy Gaps
Hurricane season is ending and gaps in the Energy SPDR (XLE) are being filled. Up gaps are bullish until they are filled. Once filled, these up gaps become exhaustion gaps. XLE has already filled two gaps with high volume on the downside and is poised to fill the third. This is still top picking territory, but recent selling pressure suggests either an extended trading range or a correction in the offing.
Posted by Arthur B. Hill at September 26, 2005 06:55 AM