When I first created SlopeCharts years ago, I decided the foundation of the product would be clear, easy-to-manage, highly organized watch lists. Some might say this is a manifestation of an anal-retentive and control freak personality, whereas others might be less charitable.
In any event, by way of these watch lists, I keep my Bear Pen of shorting opportunities, and that list has 25 components. When I set it to show Unique Symbols, it displays the “leftovers” of symbols in the Bear Pen which are not also in my Tim Shorts list. That is to say, it reveals what opportunities I am considering that have not become trades yet.
Right now, for the first time I can remember, the number is zero meaning that I have deployed every single symbol I even consider worthy of being shorted.
That bears (so to speak) repeating. The number of securities that I would even consider shorting but have not transformed into actual trades is………..
Of particular interest to me is the energy sector. My view is that the right triangle top on crude oil is one of those couple-of-times-every-decade charts you might see, and this one is a real beauty. It also makes sense that crude oil would be plunging for years to come, considering the absolutely economic wipeout I believe we are facing. (Yes, I know every economist on the planet thinks sunshine and roses are ahead, but between you and me, they’re idiots).
Now, one site that always disagrees with anything I think is the permabull venue Zerohedge, whose entire raison d’être is to worship Donald Trump and predict ceaselessly-higher asset prices.
Last night, they published this breathless piece about how an attack was going to send crude oil prices skyrocketing.
I guess I don’t have to tell you what happened next. Tyler is the new Dennis Gartman.
Suffice it to say my energy shorts look better than ever, and this is neatly expressed in the XOP fund, which has hammered out a jaw-dropping top that I believe will send prices to levels even I cannot fathom.
Thus, getting back to ol’ anal-retentive Timster, I can instantly ask my Tim-Shorts watch list which components are in the energy sector, and, voila, here they are.
I raise a glass to toast the bears and offer my hopes that, as always, the good guys win.
