Old Faithless

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I’m sure everyone’s on the edge of their seat about my sleep schedule, so I’ll get that out of the way – – I got into bed at 4:30, fell asleep at 5:00, and was up again (thanks, dogs……..) at 6:00. Yeah, they let me sleep in. Anyway, as you might guess, it’s not a great day for ol’ Tim, but there is one bright spot: crude oil.

I’m a bit obsessed with crude, and it’s falling away nicely from a fairly meaty topping pattern (tinted in green):

0424-oil

This is important to me because of my long ERY position as well as my many energy shorts. What I like is the consistency of its move, which is of course non-existent in the world of stocks, which aren’t permitted to move lower more than a few hours before there’s an intervention.

0424-candles

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