Crude oil is breaking down even more beautifully than I dared dream, with a bearish engulfing pattern so far this morning. Who knows, maybe we’ll break that lower trendline with some gusto.
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Cracklin’ Rosie
That Trendline Again
You’ve probably had your fill of bearded women on your screen, so I’ll just put up this chart and point out again how important the crude oil trendline is. If we can break 47.75 this week, it’s off to the races, boys ‘n’ girls. I’m long ERY and short a bunch of individual energy stocks.
Energy’s Path Forward
I’ve mentioned crude might fight its way back to $52 before falling again, but it might not even muster that much strength. Using the USO as a guide instead, I’ve put a horizontal line at a gap that I believe is also potential resistance.
A Couple of Thoughts
We all have to sit around and wait for the old biddy to show up at 11:00 a.m. PST (2:00 p.m. EST). Well, she doesn’t actually show until half an hour after that, but the big announcement (e.g. “up another .25%”) is slated at the top of the hour. Here are a couple of charts to contemplate as we circle above the airport………
First off, the NASDAQ isn’t exactly participating in this morning’s equity rally with a lot of gusto; I continue to contend that the broken trendline means something:
