As one of the countless free services I offer my readers, here is a list of stock symbols you can download of the Most Levered Energy Companies referenced in this ZeroHedge article. You’re welcome.
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Nyet!
Well, yesterday I falsely assumed oil might be nearing some kind of bottom. Nope! This is a bear market which has legs. One idea offered yesterday was to go long Russia as a countertrend play, but as oil continues to collapse, Russia is following right along (since, like Tesla, they’re kind of a one-trick pony).
Bears Will Be Bears
Another classic V shaped day with a very strong gap down where the gap was filled by the close. Pretty much par for the course for the feeble bears of 2014 and unlike the low on Monday last week, the low yesterday is a decent candidate for a post 5 DMA run retracement low.
Yesterday morning I gave my target range on SPX for this retracement as 1995-2033, with a likely retracement low time area between yesterday and tomorrow with an ideal low made today. Yesterday’s low was at 2034.17, so that was effectively a hit of the target range, within the target time window. I’m counting that stat as played out now, and any further downside is a bonus before the continuation upward that I am expecting.
On the daily chart the low yesterday was two points above the lower band, which I count as a hit, and the close was two points above the middle band, which I count as a hit of the middle band rather than a break back above it. We may see a reversal back down here at the middle band, but if we see a close (3+ points) back above that today the break back up should be respected. There are still open daily sell signals, but they won’t be invalidated unless RSI breaks back above the higher of the divergent RSI highs, and after this retrace we could run up to over 2100 without invalidating these. SPX daily chart: (more…)
We Forget All Too Fast Just How Quickly It Can Hit The Fan
Currently there is probably no other great divide in opinions than the current state of oil and all it entails. (well maybe gold but that’s for another column)
I believe there’s not only two sides to this story but there is also a very legitimate concern for the two-sided sword that can be wielded – by both sides. And again, in my opinion, both have very valid reasons for optimism as well as concern. I don’t believe they are mutually exclusive.
Today we have what many would call an oil boon in not only the U.S. but Canada as well. Together the current debate falls along two fronts. First: Is there really as much there as they believe there is? And second: If so can it be extracted at a price bearable to both producers as well as consumers?
There seems a real split right down the middle and both sides make very good arguments. Who’s right and who’s wrong is yet to be seen. However, what does not need to be borne out any longer is the fact that the OPEC cartel believes there’s a real cause for concern. And that is a very positive byproduct to come forth from this whole debate. (more…)
The Endless Slide
Enough time has passed that I wanted to mention an idea I gave my Slope Plus subscribers back on November 21st. I wrote, in part, “USO did a perfect gap-fill at 29.08. I shorted some crude oil right here, since this is an extremely clean stop.” My stop was too tight (by a few pennies), but my readers have been warned of that many times, so I re-entered the short afterward. In any case, the gap is noted with the green arrow, and the post was written at the red arrow.
Even I remain stunned how far, and how fast, crude oil is collapsing. The prospect of oil heading to, say, $35 per barrel seems totally plausible to me. At least we have one unmanipulated market that illustrates that, under the fake surface, the world economy isn’t doing so hot.
