I believe it was LZ who mentioned last night how interesting energy might be as a bearish opportunity, since it had fallen so out of favor with the bears. True! In point of fact, two of my put positions I dumped yesterday (Schlumberger and Marathon) would have been just FINE to hang on to, since they have reversed handsomely. In any case, I still think there is opportunity here, so I have re-entered both of them (at worse prices, obviously).
I’ve marked with an arrow each resistance point, and in the case of the chart below, it is anchored to a price gap.
