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Well, it doesn’t happen that often these days, but when it does, it sure feels nice: one of my shorts got absolutely firebombed after the market closed today. Deckers Outdoor Corporation (symbol DECK), which I’ve touted repeatedly here on Slope and on my Tastytrade show as a great short idea, lost nearly a quarter of its value. Tomorrow should be quite the firestorm.
Here’s what the after hours trading looked like…….
It seems that I don’t post very much on oil (or Natural Gas, for that matter). These are covered each weekend in NFTRH; but yes it’s true, I give oil and energy short shrift in public posting. Probably because I have other higher priority interests right now.
But a subscriber asked about shorting oil in light of the fading efficacy of the OPEC deal, Elliott Wave’s (I assume he means EWI) apparent target of $56 with a crash due thereafter, and Sentimentrader’s high risk sentiment reading. So let’s look into it.
WTI Crude Oil is bullish above key support by daily chart.
Video quality — meh. Norm quality – – excellent.
Wednesday is my busiest day of the week and I didn’t manage to get a post out yesterday. I am going away for the weekend and may not manage to get one out tomorrow either, so I’m making today’s post as comprehensive as possible. Before the RTH open today I tweeted the premarket video I recorded this morning for Daily Video Service subscribers at theartofchart.net & you can see that here. If you trade USD, oil, natural gas, gold or treasuries then updates for DX, CL, NG, GC & ZB are included in the video as well.
On the 60min chart SPX confirmed a small rising wedge from the 2233 low on Tuesday and as and when that rising wedge support breaks the swing high here will likely be in. That’s been retested this morning and is holding so far. As long as that remains the case the next obvious target on SPX is a retest of the all time high. Whatever happens we are looking for this swing high by the close on Wednesday 8th February. SPX 60min chart:
