I’m having an absolutely terrific day. Ya see, I hate energy and love gold, and they’re both being agreeable today.
For oil, it got smashed yesterday, and then today it is threatening its uptrend. It hasn’t broken the uptrend as of the moment I am typing this, but, hey, hope springs eternal.
The jackpot for me as been XLE (the energy ETF). My options account is actually very, very conservative, with nothing expiring before late October, but for just one position – – XLE – – I bought a ton of options that expire tomorrow (!!!) I’ve taken big profit and rolled into a new position for next Friday, since I don’t think the sinking is nearly over. This is a beautiful chart:
As for gold, at long last we have closed the price gap! So the two big goals I laid out – – conquer the trendline and conquer the gap – – have both been accomplished. Gold has a lot of work left to do, yes, but I have every confidence it will ultimately form a very sharp golden spear and be plunged into the left eyeball of Jerome Powell.