One asset which, unlike equities, has managed to go down persistently for more than twelve minutes, has been crude oil. I’ve been harping on the failed right triangle pattern every day for the past week, and this continues to perform. Crude is down yet again this morning, with futures off over 1% and the USO, shown below on a daily basis, tumbling nicely.
As I ceaselessly mention when this topic comes up, I don’t trade oil or USO, but instead focus on energy producers. The XLE fund is now nicely this morning, below that gargantuan mass of overhead supply.
The XOP fund is also down strong, beneath the well-formed H&S topping pattern and with a firm stop-loss remaining at 115.10.
I remain short a variety of individual energy stocks: HAL, CNQ, FANG, and VLO.
