David, I agree with most of your ideas there. QQQQ is oversold.  I'm watching UNG and USO for the right time to get in...I figure prices will run back up some before year end, but I don't see a good time to get in yet. 

I'm also looking at RIMM, who might be oversold at $100 levels -although I can see them going as low as $90, especially if earnings disappoint. 

...found an article about OPEC and the crude output (but now can't remember where I found it).  Basically the stance was that the production cuts will barely affect crude price since member nations often will violate the agreement along with short term global slowdown.  ...guess we'll see soon enough.

I'm wondering if the $100 crude level has any support as a psychological barrier.

RIMM is making a V before earnings.  At the bottom of a move into the 25th.  Plus anticipation of new products.  (just my three cents)

Don't get me wrong - when I say "something looks good long" - I really refer to very short timeframes - my holding periods vary from 1 day to 2 weeks, not too often more than 1 months ( or, really, as long as trade works)

When I say "QQQQ" looks good long, I guess I have to say "due for a bounce", but reality is - looking at AAPL, RIMM, QCOM, also biotech and airlines components - NASDAQ is due for just that - bounce, I think the worst is yet to come for QQQQ.

Surprisingly homebuilders and financials are beginning to look like something I want to start accumulating for my IRAs accounts, for longer term - too much hate is in the air now, and as always according to my best indicator "Doorman Syndrome" ( which helped to catch an exact top in Oil and "New Real Story Coal" and other "cannot live without" commodities) - when every "doorman" and even The President can say "Level3" ( which is a  big step up from "Tax Rebate" for some - that is exactly the time to start "loving" them again. No, they are not going to skyrocket, problem is still there, but if financials will go to 0 - we don't really have to worry about the money we might lose on them - do we?

ET - I agree on "oil prod cut not really doing anything to the price of oil" - even if OPEC will do what they said they will - 500000 does not make a lot of difference.

from technical side USO, most likely will start going up tomorrow, as funny as it sounds - after nat gas 10:35 report. Why? Because looking at the charts and stars and "Black Hawks" - I see that USO and UNG just need the reason to go up - for how long? I don't know ( and my record with OIL/NAT GAS is far from good - my "silver bullet" I guess.

Speaking of "Silver Bullet" - Silver and Gold - will be long soon. ( from few days to few weeks - never mind rising dollar ( which will simply stall shortly)

Just an opinion, I was wrong many times before...

http://www.247wallst.com/2008/09/the-death-of-op.html#more  

I'm interested to see what you guys think about this article on the Saudis walking out...

My memory might not serve me well, but I think Saudi's attempted to walk out on OPEC in the past - they have the best hand since their cruse is "the best light sweet crude" available. Venezuella has lower grade, Iran - has lots, but not so good grade, as for "decision by Russia that it wants to "punish" the US and EU for a time" - none cares about that - russian oil is the worst and heaviest oil possible, there are very few refiners able to clean it up - HOC is one of such. Beside, most of USA oil comes from Nigeria - and militants or not - it will be flowing non stop. So, entire "great new thing" is just a game - is not it always?