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Crude oil reached its price peak nine three months ago (unlike, oh, let’s just say, stocks) and have been pounding down steadily ever since. Looking at USO, you can see how picture-perfect the price gap has been, since, twice, the prices fought back to fill the gap but failed to do so, only to continue lower.
Pretty much the last bastion of bearish success continues to be in the world of energy. These still look terrific for the weeks and even months to come:
My ceaselessly mentioned bearish ideas on energy, even short-term (like this morning) continue to do well. I see Exxon is pathetically (and, in a perfect world, criminally) screaming about how they’re going to buy back tens of billions in their own stock, which is the ultimate form of self-dealing scheming. It isn’t helping. The energy market is recognizing how dead the economy is going to be next year.
Since there’s not a tremendous amount to say about a equity futures market that is up 0.2%, let’s turn our attention to something that’s actually moving, which is crude oil. For perspective, here is the weekly chart of this dynamo, with one particular feature being that swan-dive it took off the high board due to Covid (thank you, China!) and its subsequent bounce.
