Oil is both literally and figuratively the energy behind the world’s economy. Take a good look at what crude oil, natural gas, and energy exploration companies have been doing. You think maybe this sector is trying to tell us something about how the economy is doing that maybe Jerome Powell is unwilling to admit? Of course, being a preening, sycophantic toady can get in the way of being earnest.
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.
I cannot help but express my delight at having real infrastructure again. I spent the entirety of Monday flying back home, and while I am accustomed to Internet connectivity that is similar to a firehose, I have to satisfy my data needs with a tiny plastic straw that had a kink in it. I wound up sleeping through most of the trading day, as there was little to be done.
I did an ETF roundup over the weekend for our gold and diamond members, and in it I highlighted crude oil’s vulnerability to a downturn, based principally on its approach of an important price gap. I was pleased to see that panned out nicely, with crude withering away persistently.(more…)
Focusing in on a subset of my short positions, here are the energy-related positions:(more…)
Yesterday morning, in my Oil Roiled post, I wrote:
I suspect the next level of support for crude will be around $50, both because this is the next Fibonacci retracement level but also becomes humans are weirdly hung-up on Big Round Numbers.
Let’s check in with an updated crude oil chart, with my “around $50” level tinted:(more…)
The quotes are pleasantly red this morning – -ES down, NQ down, YM down – but one in particular is getting zapped particularly hard, and that is CL, crude oil, which is down nearly 3%. The /CL contract shows that, after a modest reversal pattern (tinted) oil has been steadily weakening.(more…)
Just a thought.