Good morning, everyone, and what an early morning it is: just past 4 a.m. here in the Bay Area. Although the screen is largely screen, there’s one key item which isn’t, and that’s my old friend crude oil:
As you probably know, I have been a raving crude energy bear for months, and I’ve been ramping up my bearishness lately (particularly in the face of every analyst on Wall Street, who is utterly ga-ga over everything to do with energy; I love to be the freak). I might as well copyright what I keep saying: energy is going to be the tech of 2023.
Importantly, the multi-year uptrend of XOP has been absolutely smashed. Today’s goal? Get BELOW the gap at 125.81.
