“Moments ago”, as Tyler likes to say, the crude oil inventory report came out, and – – much to my relief – -it did not soar (although, weirdly, 30 seconds before the report, it DID soar, and I was wondering if someone had screwed up……….but I guess it was just stop-running). Anyway, the market is still digesting the news, but as of now, we still haven’t really budged since the Big Black Down Day a week ago. Since then, we’ve just been hanging out at $46 or so.
More important to me, however, is the energy ETF shown below, symbol XOP, which I firmly believe is in a big-ass topping pattern. I was already long DRIP, and I put on a new ERY position this morning before the report. I shall now return to prayer.