I must say, it’s heartening to see the entire quantum sector burst into flames based on a single off-the-cuff remark by Jen Shun Huang, but the most amusing to me by far is QSI, which I wrote about in some detail on December 30th. I have seen the AI-article-maker robots twist themselves into pretzels trying to explain the rise in this stock, since they couldn’t reach the true but insane conclusion that it went up just because it had the word “Quantum” in its company name. It any case, it has lost about 50% of its value in a matter of hours.
More germane to my own portfolio is energy. I have been perturbed at crude oil’s persistent strength, and it actually had a burst above its trendline in the wee hours of this morning. Mercifully, this got smacked down.
On a daily bar basis, you can see this damning impurity. Hopefully this final burst of energy will be the terminus of this oil run, not because I have any positions in oil per se, but because I have a large quantity of puts in BP and COP.
The larger of these two is British Petroleum, which is finally showing some weakness pre-market.
I was stressing out on this one, because yesterday I amped up my position even more, seeking to take advantage of BP’s outsized strength. To my eyes, the long-term history of BP suggests that the stock is just begging to get hit hard.
