Well, I’m feeling somewhat better today. I got a full night’s rest, my Vail-chapped-lips aren’t quite as cracked, and I’m not standing like a fool with no positions looking at a market in a free-fall. On the contrary, I’ve got a modest number of shorts, and last night’s rally has clearly lost its mojo. So it’s time to start the new year fresh.
I stated yesterday that I was enthusiastic on the long side with respect to energy and gold. Well, that didn’t last. Gold, as it always does, couldn’t manage to hold a strong rally together, in spite of global news that in the old days would have sent it roaring higher. And energy, after a bullish breakout, completely slumped beneath its horizontal.
Our man Dennis over at CNBC is apparently avoiding saying anything about equities (understandably), but he did make one declaration: that the year ahead for crude oil would be “boring.” What that tells me is that energy markets will have another insane year, and I’m not going to be the least surprised to see the leading digit “2” replace “3” for crude oil futures sometime in 2016.
