Although as of this writing OIH is a little off its intraday high (208.52 was the high, and it is at 207.24 now), the rise has been astonishing. Ever since 9/11 (which, weirdly, seems to be just about the low of this market – – – whoever thought war would create cheap oil???) OIH is up about 340%.
I am not sure how much stock to put into Fibonacci extensions, but just for the hell of it, I decided to see where the extension would take OIH. The answer is 233.55, which frankly at 12% away is only a couple of strong days away (the OIH is up about 8% today alone). Gawd.
