Snap, Inc. (you remember – “the camera company”) has been rallying mightily the past few weeks. I just wanted to point out the last time it vaulted to close a gap,the follow-up wasn’t so spiffy. At least for the short-term.
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.
Here’s Another Important Gap
Well, I’ll shut up about the oil gap and turn my attention to something even more important: bonds. Treasury bonds have been roaring higher all week, and that’s not great for me, because my entire options portfolio is oriented toward stronger interest rates. (IYR, TLT, XLU). Relief may be at hand, however. The gap at 120.28 is powerful, and my view is that within a month from now, we’ll have pushed below even the lows we saw earlier in May.
Gap. Yep.
I’ve been kind of hung up on the price gap in oil at 73.25. Yesterday, as we had pushed close enough to that number for me to be satisfied, I did a post called “Close Enough“, where I specifically pointed to XOP and wrote “I suspect this one is going to suffer the quickest.” Here is XOP now, with an arrow marking the timestamp of yesterday’s post.
Close Enough
I’ve been watching the gap in the long-term crude oil contract for a long time. The value is at $73.25. We got up to about $73, which is close enough for me.
Different Gaps, Same Thing
Well, everything’s green again this morning (except, mercifully, for bonds). Crude oil has been particularly strong for many months now, and I wanted to point out an interesting little tidbit.
If you glance at the ETF symbol USO, which is a very popular instrument for trading crude oil, you will see its price gap is miles and miles away:
