The driving chart behind my belief that crude oil, and thus energy stocks, are heading into their own bear market, is long-term crude oil:
In recent days, this has been going my way. Crude oil today is down quite hard……
I am short individual stocks, not the ETFs, but the failure of support with XLE tells the story nicely:
XOP is following a very similar pattern, although it hasn’t quite broken support. I am confident, however, that it will do so.
