One of the reasons I think I'm so short with Gary (and I apologize for being so…….) is that I'm worried he might just be right. That is, I'm concerned that the commodities sector (which clearly includes oil) is going to just lumber higher. The "kill the messenger" rule still lives, doesn't it?
The bearish argument is, to my own eyes, still intact, but it's certainly threatened. The strength continues to be nothing shortly of remarkable, and if OIH crosses $195, I'm going to drag my bloodied OIH puts off the battlefield.
Gold doesn't worry me quite as much; I still think the overhead resistance, tinted here, provides a decent barrier. But it's not insurmountable.
I think I'm starting to feel a bit like I did during those dark days like year………..
