The Star Mattered

By -

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.

slopechart USO

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.