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Good morning, everyone, and welcome back from your Labor Day holiday. Mercifully, we get a nice long chunk of time before some silly holiday comes along to spoil everyone’s fun. I’m truly delighted this “not working” nonsense is behind us again. Let’s take a peek at crude oil:
For anyone who wanted a second bite at the Energy Bear apple, I think your time has come. Here is XLE, my instrument of choice.
Preface to all ETF Posts: I am composing this on Thursday afternoon, so the charts will be up-to-date as of then. I wanted to make some general comments about specific ETF groupings, principally to give me a little time to not have to worry about creating new content for you good people in the near-term.
I’ve probably over-mentioned this, but energy is my favorite bearish sector. I’ll start off with the commodity fund, symbol DBC, which has completed a well-formed diamond pattern. These are rare (well-formed ones, at least) and important reversal signals.
As a follow-up to my crude oil post from this morning, this trendline sure is doing its job!
