The only red on the screen this morning, bless it, was crude oil. I have been following this pattern for months. We’ve got a massive right triangle top in formation composed of two portions. We need to crack below the yellow zone to really get this thing rolling.
Last week, oil stocks rallied, but they stayed beneath their price gap.
I am remaining pitifully conservative in my trading, with a full 30% still loitering in cash. I have two energy-related positions:
- MRO January 19 2024 $27 puts;
- COP November 17 2023 $110 puts
I intend to hang on to these, awaiting a more meaningful breakdown.
