The star of today is, naturally, crude oil — and what a wild ride is has been! I came into the day long (VERY long……..) both DRIP and ERY. They started off well, and then they went into a free-fall which was, umm, a little disconcerting. Mercifully, I didn’t get stopped out, and they have turned around nicely. Take note, for instance, of the well-formed cup with handle pattern that has completed with ERY, shown below.
The improvements to SlopeCharts have been happening so rapidly lately, I need to catch up with some posts about them (as well as update the documentation). But I’ll mention quickly that the symbol $BIT will now present to you the Bitcoin chart, which is causing puzzlement and red eyes to all the gold and silver “stackers” around the world. Anyway, lots more to talk about with respect to SlopeCharts, but I’ll do a post tonight when I have more time.
I don’t think I let myself know just how nervous I was about the OPEC announcement in the wee hours of this morning (my time). When I woke up, however, it took me about one second to grab my iPad from the side of my bed, fire it up, and look at crude oil. I was massively relieved to see that, quite obviously, whatever OPEC had to say did not thrill the market. (The “whatever” turned out to be a 9 month extension to their cuts, as opposed to something more dramatic).
I have a very substantial long position in both DRIP and ERY (the triple-bearish energy ETFs) as well as a scattering of energy shorts. I think this is going to be OK.
Years before he announced his candidacy in 2015, Donald Trump was the honoree (if you want to call him that) of a Comedy Central Roast. I’m not sure how many years ago it was, but whenever it was, Trump was already saying he wanted to run for President, and the comedians spent a lot of time poking fun at that prospect. (Little did they know……..) Here’s one of them, Jeff Ross, and there are shots of Melania and Ivanka in the audience as well.
One of my simple pleasures in life is reading the Daily Post, which is Palo Alto’s own little daily newspaper. It’s a morning tradition for me to walk the dogs, grab the (free) paper from a newstand, and read it during my pre-dawn breakfast.
On yesterday’s paper, this photo and caption on the front page caught my eye: