It couldn’t be simpler. If the media is going ape about some given event, and particularly if ZH is clutching its pearls about how such-and-so is going to go to price thus-and-such, you can count on the exact opposite taking place. I offer you Exhibit A:
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
As oil went on its biggest up-move in history, I had some concerns about the handful of energy-related shorts in my portfolio. Turns out, as I hoped, that it wasn’t worth wringing my hands over. Just because the commodity itself (crude oil) roars higher in price doesn’t necessarily mean great news for the companies which seek it or process it. Take Marathon Petroleum, for example, one of my shorts. Its down about 2.5% right now, and I think far lower prices are in store. The symbol is MPC:
Only the Lord knows (and even there, I have my doubts) what the markets will be like by Monday’s opening bell, but at the moment, crude oil is flying higher like a bat out of hell:(more…)
Senator Lindsey Graham unleashed a series of tweets Saturday morning after learning of drone attacks on Saudi oil refineries.
I’ve yet to hear whether the Saudis will blame/have blamed Iran for the attacks and whether war will eventually be declared against them. It’s been reported that, “Houthi rebels – who are backed by Iran in a yearslong Saudi-led war against them in Yemen – have reportedly claimed responsibility for the attacks and have vowed that further attacks could be expected in the future.”(more…)
Commodities have been strong for weeks now, but the price gap (marked in red) represents, to my eyes, an important point of resistance.(more…)
One of the most badly-battered sectors of the market has been in the oil and gas space. The XOP, shown below, actually pushed below its lowest prices in history, including the depths of the financial crisis, just yesterday. I’m not buying it, but I thought I’d at least share the chart for your examination.
In this totally fake, propped-up, fraudulent equity market of the past decade, one part is such horrible condition that even the pinheads in D.C. can’t prop it up is the oil and gas exploration sector. The ETF for it, XOP, is actually at the lows of the financial crisis. How many things can you say that about? I’d say it’s a whole integer that rhymes with the word “hero”. Prepare for a break to lifetime lows in the near future.(more…)