The market is still in the throes of this unexpected (and, to me, inexplicable) Trump-gasm, but to my eyes are there far, far better opportunities on the short side of the market than the long. Here are 7 of my current 45 short positions that I’d like to share with you:
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It’s been a boring day, but what has been happening is that the triangle / bull pennant that broke up yesterday is doing the usual triangle sequence of backtesting the break before the triangle thrust up. After the triangle thrust up ends of course it’s then 90%+ probable that the thrust is fully retraced back to this backtest low.
So is the backtest finished? Maybe, though normally it would go a bit deeper. It may need a little lower before the triangle thrust begins. When the thrust does begin I’d be expecting to see at least a full retest of the all time high on SPX. ES Dec 60min chart:
Crude oil is acting picture-perfect. As I specifically mentioned Monday, I believed it might rally to the underbelly of its trendline, and this morning, with yet another goofy rumor from Russia, crude oil soared……….PERFECTLY touching its trendline, right to the pixel. Huzzah!
So I am VERY enthusiastic about shorting energy stocks at present levels (and, as a bonus, Gartman turned bullish on oil yesterday, God bless him).