Stop-Cleaning in Commodities

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On the other side of a red-eye flight, so this will be quick.

It was exciting last night to see crude oil plunge (and take equities with it), but it didn’t last. Just look at that sudden sweep down – – merciless! – – and then the recovery overnight. As I’m typing this, crude oil has fought its way back into the green, but I’ve only taken profits on a couple of energy shorts (and I maintain my long in ERY).

0505-crude

Poor gold can’t get off the mat. It was just about the only thing rallying during the oil sweep, but as it is inclined to do lately, that rally fell to pieces.

0505-gold

I’ll be back later……

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