My favorite bearish sector, energy, continues to rot.
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One of my beloved children is spending the summer in Manhattan, so I can vouch for this.
Five-star Sloper LZ emailed me this morning with the chart of General Electric Aerospace (GE), suggesting what an appealing short it would be. I agreed with him, noting that I had actually bought puts on it a couple weeks back and dumped them at a small loss. As federal law requires, those puts are more richly-priced now, so I decided to give the chart another peek.
It’s about damned time: Royal Carribean is sinking this morning (ticker RCL). This bugger has been very frustrating, but it’s nice to see it start to reverse hard away from its lifetime peak, achieved just two days ago.