If you had asked any trader yesterday what today would be like, I suspect they would spell out precisely the opposite of what we are seeing right now. Right on the heels of an unprecedented attack against Iran, as well as threats of sealing off the Strait of Hormuz, we have crude oil going into an absolutely free-fall:
Joined by XOP (below, which I shorted this morning) as well as my other energy shorts such as COP and HAL.
Whereas every single equity index if flying higher. The Russell 2000 /RTY has been absolutely maddening to me today, soaring, then plunging, then soaring once again.
Evidently, I was on a ride that I didn’t anticipate.
Let’s at least raise a glass to toast palladium, which is up almost 3.5% now.
