That’s something I’ve got in common with Private Pyle: he wants to be different. For whatever reason, I’m a contrarian to the core. Indeed, one of the appeals of messing around with personal computers back in 1980 was that practically nobody else was doing it (in case you hadn’t noticed, the unusualness of microcomputers vanishes decades ago, so that aspect of the appeal is likewise gone).
As we close out September, the bearish month of the year (ha! woo ha! ha ha ha!) and, in turn, the third quarter, let’s see where the big indexes stand percentage-wise in 2017. Here’s the Dow Composite:
Oil, as represented by the USO fund below, had been inside a symmetric triangle for many months. It had broken beneath it, but it’s managed to claw its way back up inside. The dividing line is at $10.70, which is just about the midline of the triangle. Breach that, and oil will gather even more strength. Fail to do so, and it’s at risk of slumping beneath this large pattern again. I remain bearish oil and short energy stocks. I also own January puts against XOP.