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Since the highest concentration of my positions is in energy, I’m persistently interested in the price of crude oil. It seems to have finally, after weeks of being range-bound, broken to the downside. However, I don’t think the downside potential is that vast – – – probably something confined within the zone I’ve tinted below.
Hey, everyone, just two weeks until we elect President Pandering Pantsuit! Are you excited as I am? Yeah, that’s what I thought.
Anyway, my largest concentration of shorts remains in the energy sector. Crude has been in a tight little jail cell ranging from 49.62 to 52.22 for weeks now. We’ve got a shot of breaking this range, but even if we do, there’s strong support at around $48 where that blue trendline is. All the same, the energy short charts look a lot better than this one, so I’m sticking with them.
Welp, it sucks for me, but crude oil continues to zoom higher, which must be quite emboldening to the OPEC cartel. We now live in a world in which Gartman is right. What madness is this?
I’m having a good day (for the moment; I’ve learned not to trust these markets), and I’m particularly intrigued by the crude oil chart since I have a number of energy short positions. I’ve noticed that crude has been a relatively reliable trending market. It actually can sustain an uptrend or downtrend for a solid month or so (which is incredible these days). At the risk of oversimplifying things, here’s what I see:
I haven’t posted the full set of charts that I do every morning for a while and these are the companion charts that I use in my premarket videos for Daily Video Service subscribers at theartofchart.net. I posted that on twitter before the open today (@shjackcharts), but if you missed that you can see that here.
On ES I was saying that the outlook remains bullish as long as 2146 remains unbroken, and the LOD so far is 2147.75. If that remains the LOD then the outlook still leans bullish. ES Dec 60min chart:
