imo, when the most people think we are going lower, that's where ioc will bottom
ironically, ioc today is trading pretty measured on a beta basis with its lng group, gtls, cbi, xop. In face its trading right along with them. Remember ioc is in a good amount of ets's and index funds, enough to affect noticeably in a thin mkt. Lastly, on a relative strength basis, ioc is leading the group last 6 mos along with cbi. They all act like they're being harassed by big shorts. We also are dealing with 3rd qtr EOQ, usually one that is sold into, especially with fiscal year endings starting end of Oct and Nov. There is a decent chance intermediate bottoms in the energy sector, unusually weak this quarter will come about around EOQ next week. I'll best guess that later in Oct, IOC will be higher again.....fwiw............trans
bottoms are made when most investors are selling....