I start today with the same feeling that I had twenty-four hours ago: delight that crude oil continues to break down. My energy shorts, and most particularly my large Russian short (by way of RSX) require crude sinkage in order to thrive.
I’m most particularly pleased how “classic” crude has been behaving from a charting perspective. (I’ve been harping on this over at Slope Plus a lot). The shooting star, circled below, was a pitch-perfect reversal signal, as was the repulsion from the converging trendlines (tinted).
Well, I have many occasional winners this morning, but one that jumps out is Lanet, only because I’ve mentioned it ceaselessly here on Slope, due to its beautifully-formed channel.
Yesterday’s technical analysis victory (or, as Northman once rudely described it, “occasional winner”) was Iconix. Today’s is less dramatic, but a victory nonetheless: Flotek:
Iconix Group (symbol ICON) is a stock I mentioned so many times as a short idea, I stopped even saying anything since it got so repetitive. Today is finally went into a full-blown free-fall, as the clean topping pattern so plainly suggested. I can only hope the dozens of other fantastic short setups succumb to reality just like ICON did today: