IOC is bouncing

As expected from the earlier update on IOC, these parabolic moves are just too predictable as is a break of major support. I said I would consider shorting IOC anywhere from $50 up to the Trend Channel stop which is at about $57.50 on the close. If you like the trade idea, this may be one to phase in to.

On a normal parabolic move, I would expect IOC to hit at least $54, but we'll need some more dollar weakness to give it some help.