I covered Ameriprise for a nice profit this morning, as it has touched its supporting trendline. I suspect this same trendline will eventually be broken, but I’d rather try to re-load the short at a higher price. (I should note that since I’ve posted this chart, the chart has sunk beneath the trendline, so I’ll probably wish I’d just stay short in perpetuity!)
Let us all bask for a moment in the ever present glow of Procter & Gamble, which must be one of the most incredible stocks of all time. In this frothy market of ours, this maker of laundry soaps and dishwashing liquid sports a P/E of about 25, which back in the day was the sort of level reserved for high-tech companies. Anyway, the great crashes of the past few decades are hardly blips in the ascent of this monster.
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.