Tuesday, September 27, 2016

With Everything Else Going On I Think This Chart Crude Oil Chart Only Ends One Way

Slippery Do Dah

By -

I have a “moment of truth” every morning when I grab my iPad, bleary-eyed, from the side of the bed, to see what the ES is doing. This particular morning, I was bracing myself for +30 on the ES considering the Clinton momentum, but, happily, it’s only up 3 measly points at the moment. More important to me, crude oil is getting its shiny black bottom spanked, down about 2.7%. Some ridiculous rumor should be along any moment now.
Over the past nine trading days, in eight cases the price is about $44.25 at either the high or the low of the day. In other words, for nearly two weeks now, the price has been getting bounced around to the upside (by rumor) or downside (by fact), but has been sorta-kinda $44.25 or thereabouts.
If we can break $43, the triangle above would be history, and oil stocks could really start to see some downside. As it is now, energy remains my largest concentration of stocks positions, with nine out of my sixty-position positions being energy shorts.