I’ve said it a hundred times in the past, and I’m sure I’ll say it a hundred times in the future: energy is in big trouble, and I believe crude oil, and the companies that suck it out of the ground, are heading into prolonged bear markets. Today’s action is indicative of the general trend……..
Vastly more important than today’s 5% drop (as welcome as it is) in crude oil is the weekly picture, as opposed to the minute bars shown above. This is straight-up Technical Analysis 101, Chapter One, Page 1 stuff. Absolutely freakin’ gorgeous.
Which is probably the reason by far the largest sector represented in my own portfolio are energy-related (thanks, SlopeCharts labels for filtering these for me…………) HEP, for instance, is about a 25% profit thus far.
