Energy is being very, very good to me.
I can't remember such a consistent winning streak. I am loaded to the chin with puts on energy-related issues, and the most challenging task I have is to set the stops properly. There is a huge, huge, huge amount of air beneath current price levels and support. It's gorgeous. And huge.
With such a fast-moving market, I am finding that daily charts are insufficient for setting good stops. What I am doing is looking at the daily chart first, then moving to a 60 day minute bar chart to look for the most prior "high" scallop – – that is, the market's previous attempt to push itself higher on that particular security. That way, if we do get any kind of strength in these issues, I've buttoned down my profits. Otherwise, I get to keep enjoying the ride down, updating my stops from time to time.
Yay!
