I have been an enthusiastic energy-stocks bear for weeks, but it was exasperating waiting for XLE to finally break. Well, for reasons I don’t even care about, it finally happened this morning shortly after the opening bell.
The key was a couple of weeks ago when we finally cut through XLE’s ascending trendline. Since then, it has been annoyingly creeping higher, furtively tonguing the underside of the broken trendline and persistently pissing me off. Now we’re finally the right direction.
Besides XLE puts, I have a hodgepodge of other puts tethered to individual energy companies. I still hold out hope that energy could be in for a nasty time ahead. Let’s hope so.
