Those of you who watched me on Tastytrade yesterday saw my three-word summation of the huge bounce we had yesterday. Admiral Ackbar, take it away:
As I stand here now, the ES is down 14, and crude is off 2.25% (the latter of which matters even more to me, as I have so many energy shorts). Indeed, I woke up this morning thinking what a completely bizarrejob I have: to predict the future (which Slopers have reminded me countless times isn’t possible). Sometimes I fail. Sometimes I succeed. But always I try. Good God, I need to stop writing in this effete style; I’m starting to sound like Gartman.
Anyway, crude is my go-to chart right now, and Wednesday morning’s inventory report may shock it into even more clarity. If I can offer a wish to the market gods, a break below $44 would make things crispy-clean on the ursine side.
As an aside, one short I have constantly mentioned, Anadarko (APC) is down over 4% this morning, so that’s another ray of sunshine. Suffice it to say, I hope this morning’s sell-off sticks. Lord knows morning weakness has proved itself vulnerable to mystery buying from forces unknown.
Leave A Comment