Shift Happened

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Allow me to limber up while I pat myself on the back – – or at least pat technical analysis on the back – – because, earlier today, I was vaguely remembering I had written a post that said something like “oil producers are the new gold miners”. With oil producers plummeting so consistently, I wanted to dig it up. Well, it didn’t take long – here it is.

And the exact quote was “Just as “orange is the new black”, I think that “oil producers are the new gold miners.” Here’s what oil did following my post…….

0722-uso

…………and here’s what the oil producers did:

0722-xop

I’ve been quite vocal about this “theme” during the past eight months, and it has yielded many, many occasional winners for Slope readers.

It’s nice that such a broad theme has played out so well. Here’s hoping that “equities are all going to hell in a handbasket” is the next meme to take charge.