Bullish Commodities 070307

A few observations before the holiday:

OIH is still in bull mode after triggering a buy signal Friday. OIH closed strong yesterday, and is putting in higher lows.

VLO – Valero Energy Corp., has put in two inside days. Potential for a strong move is present. Trade above the 50 dma, with higher lows, suggests higher prices.

XAU looks like it’s heading back to top of channel resistance. Buy above the trendline for a “rule of 4 breakout.” SA in the sector has been strong.