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There is an epic tug-of-war going on right now between:
For the moment, resistance is holding across the board.
With oil around triple digits, energy-focused giants are thriving. What’s good for them is bad for everyone else, so the XLE fund is trading at record highs (or as your hero might say, “at levels no one ever thought possible before, pretty much.”)
In the midst of this very, very green morning, I offer to you a new short-sale idea: WeRide (WRD), the Chinese autonomous driving company. This is one of those equities which is at lifetime lows but still has an impressive “top” anyway. I shorted this on Friday and have already tightened up its stop-loss to $7.
Do we have another Friday morning on our hands? Just like then, the market has climbed all night long, providing hope to the bulls that this brutal bear market (AKA a few weeks of modest slippage versus lifetime highs every single day) is over at long last.
They aren’t the leader you might have assumed:
