Yesterday when I was doing my live Tastytrade show, I pulled up the XOP and noticed that it was in a shooting star formation. I mentioned off-handedly that “one day does not a trend make”, but I felt it was worth noting (and I mentioned this with similar words in my post last night here). You can see yesterday’s formation quite plainly, as well as what’s going on today………..
The Trump/Iran deal subject is the hot topic in the market today, and it definitely took the wind out of crude oil’s sails. I would note, however, that as I am typing this post, crude has recaptured most of this loss. Markets are moving fast, so this snapshot from a few minutes ago doesn’t display the recovery.
In spite of this quick drop, it’s hardly even a blip in the bigger picture, which is still quite plainly in an uptrend. Crude oil, by way of USO, is seen here.
I’m not that crazy about energy shorts, but I do have a couple – APC and DRQ – that I shorted yesterday and are in the green.