The week of February 5 was devastating for the bulls. The week of February 12 was devastating for the bears. I have a feeling that the shortened week we’re approaching after Presidents’ Day will have the torch back in bear hands. Sure, we might have a little more strength, but we are so deliciously close to major gap fills, I am looking ahead to next week with anticipation (and, admittedly, some anxiety). These markets, in spite of having greatly different components, all pretty much look the same. The emerging markets:
I just shorted a bunch of FXE with a stop at 120.66:
Just about ready to short………..
As the outset, I’ll say I think oil is heading much lower, but for the moment, it seems energy stocks are………dare I use the word?………..oversold. I at least wanted to point out this mildly-interesting chart of the triple-bullish ETF symbol ERX, which is nestled on a supporting trendline.
As for my portfolio in general, the jury is still out about whether my lightening up this morning was wise or foolish. I remain short at about 100% of my portfolio’s value, but the difference is that I came into the day 200% short.