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Oil Gives Traders a Reason to Take Profits

By Rev Shark

 About this article:
 A buildup in oil inventory is pressuring oil stocks and is triggering some profit-taking. When the market goes straight up like this one has, market players start to look for an excuse to do some selling. I was looking for strength in the dollar to be the most likely excuse, and while the dollar isn't helping, oil is the primary culprit. I know there are some folks who believe that the market should just go straight up endlessly, but active traders need some ups and downs in the market to create new opportunities. Profit-taking will help eliminate some of the overbought condition and will allow for better entry points if you are a buying. Given how hard this market has run over the past week, the little pullback we are seeing now isn't significant at all. I expect that dip-buyers will continue to provide some strong...

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