Today was an odd combination of boring and annoying, but I managed to eke out a small profit by day’s end. The centerpiece of the lunacy early on was crude oil, which I was excitedly watching crumble last night. In the early morning hours, I glanced at my iPad, and I had a total WTF moment when I saw crude was rocketing higher based on the fact Saudi Arabia, which apparently has joined the rest of the world in believing descending markets should be forbidden, stated they would do everything in their power to reverse oil’s price slide (see arrow mark). Most of that gain unraveled not long after, but then crude gyrated aimlessly the entire day. Oil’s muddy water is even less clear now.
A couple of weeks ago, for no particular reason, I made an off-the-cuff musing on my Tastytrade show about the prospect, years from now, of the giant oil companies being dragged in front of some kind of world court, being called to account (and pay for) all the damage they have done to the world’s climate. Again, I’m not sure what possessed me to say something so random, but I was naturally struck when I saw these headlines this evening:
Crude oil is a very big deal to me, and its surging strength lately has been just one of many dismal things on my mind. In spite of this, I went out on a limb yesterday with this post saying that energy stocks were just begging to be shorted. Well, since God still has an ounce of mercy left for this beleaguered soul, the crude oil report this morning has sent crude tumbling and, with it, energy stocks. I’m pleased to point out on the chart below with an arrow exactly where the “short energy” post went out yesterday.