Good morning, everyone, and welcome back from your Labor Day holiday. Mercifully, we get a nice long chunk of time before some silly holiday comes along to spoil everyone’s fun. I’m truly delighted this “not working” nonsense is behind us again. Let’s take a peek at crude oil:
As more and more of my mindshare gets devoted to crypto-land, and my nausea and weariness about all-things-equity reaches a peak, just about the last non-crypto creature that still has my heart is the energy fund symbol XLE. The H&S pattern in formation is closer and closer to completion. You can just about taste it at this point:
Looking at the longer-term chart, you can see how this financial instrument has no compunction about winding up for a nice healthy tumble and then executing. That’s what I’m counting on this time. I’ve got a Mt. Everest-sized stack of October XLE puts behind my disposition.
