If you haven’t sold some of the Oil Service HOLDR (OIH) and the Energy SPDR (XLE), you might think about it here. You may recall my June 8, 2006 post, Oil Services Top is Significant and Has Broad Implications, in which I speculated the OIH had topped around $160. I was right about the top but probably got the broader implications wrong — money is just rotating out of the Energies and into beaten down areas like tech, keeping the broad market even.

The Energy SPDR looks a little better, but I’m going to sell some of this too and rebalance the portfolio a bit. It has had a huge run since late 2003 and it’s time to harvest some gains.