Quite a day so far! As I am typing this, the SPY is down 1/10th of a percent, the QQQ is up about 3/10th of a percent, but my all-short portfolio is up 1.4%. I’ve got a variety of energy shorts, and I am watching this trendline with great interest to see if it breaks:
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A Very Serious OXY-Dent
I have a variety of short positions in the energy sector, and one of them today is doing particularly well: Occidental Petroleum, which gapped down below its range.
Oil Slipping by Gaps
Commodities have, in fits and starts, been slipping lower in recent months, and on occasion they provide a gap down to make them easier to mark.
Oil Nears Potential Turning Zone (by MoneyMiser21)
The mighty weight of Slope’s bear power has been fully focused in oil as of late, as our beloved and hard working leader called a top on the black gold with accuracy that Dennis Gartman would pay for in U.S. dollar terms. (editor’s note: I’m touched!)
But is it time to pause or reverse? A bit of price and time analysis on the daily chart reveals a potential zone of trouble for bears.
First, let’s look at price.
When the front month contract switched to September on Tuesday evening, price gapped lower on the continuous chart to the top of the zone predicted by prior swing retracements in price amount during this bull market.
Oil Bomb
Oil is getting hit hard today, down well over 3%. If there was one chart I was watching that helped “call” a peak (and I’ve mentioned it on my Tastytrade show a bunch) it is ERX, which tends to peak and reverse at the horizontal I’ve drawn.
