As my Slope+ readers well know, I’ve had a bug up my backside about energy shorts for quite some time. They’ve been doing a yeoman’s job keeping this bear happy in a market that seems to refuse to plunge. It’s interesting that the oil inventory report would come out this morning and cause (appropriately, given its results) crude to accelerate its drop, only to have it rebound firmly. I’ve put an arrow at about the time the report came out. Crude seems to be re-weakening right now, and I’m dedicated to continuing my focus on this “bear market within a bull market”, in spite of a genius like Cramer declaring last week that oil “smelled like a bottom” (which, if you work at CNBC, passes as erudite analysis).
