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Well, I guess Zerohedge’s prediction of $300/bbl oil isn’t panning out. My own speculation, however, has done so. As earth’s only energy bear, I have stood alone in ignoring all the sensible reasons that oil is going to surge higher for years to come, and instead relied on my simple-minded charts. I like how this is going.
Here are the 2014 and 2018 gaps. In one case CL runs away to the downside and the S&P 500 doesn’t peak until later, in the other XLE catches up amid a broad equities correction
2018 is a closer analog to the current backdrop in equities assuming the rally is done.
USO gaps down……………..
I have been bearish on crude oil and energy stocks for a long while. Just yesterday, I did a post for our beloved premium members called Try Weakly which, yet again, spelled out the specifics of my positions. I have also done this in the face of every other analyst on the planet calling for vastly higher prices, including Zerohedge (where I’ve evidently been banned………) which has repeatedly called for $300 oil, even as recently as a few days ago.
