Loading ...Call me Crazy – Bullish Energy
Yes, I’m still bullish on energy. I can’t believe the talking heads can be so 1-dimensional in their thinking and rationale with their calls for $20 oil because that’s where it traded in the 90s. They don’t see bottoming structure if you ask me. Yes, I of course could be dead wrong and 99% of the people could be exactly correct 😉 In any event, here are a few charts that support my premise.
Oil sector stocks have greatly outperformed both crude oil and the S&P over the past 4 trading sessions:
Meanwhile crude oil is making divergences and taking on a Wolfe Wave structure with perfect touches to a support line which has acted as a springboard in the past for swing lows:
Even UWTI is supporting a swing low support case:
I’m even up 10% on the KMI I bought 3 days ago despite the fact Jim Cramer is telling everyone to dump it the past 2 days. I’m surprised the guy ever makes any money as an investor….he’s brilliant working the TV audiences though.
Agree mark. Exited my energy shorts, now waiting for a signal to go long. When I see the whites of their eyes! I went long Freeport maybe a day or two early, but again, one should buy long term support near the extremes, to make the big money. I am all in long the miners, and have been so for the last week or so, whilst the sector continues to be hated and loathed by most.
Love those divergences…I made enough on the short side, waiting for confirmation to go long.
I am listening Mark… And agree, the energy stocks have not followed the underlying. We need to watch this one very closely, can end up very good. And, unfortunately, the CRBs 60-year chart that Rambus have showed us several times have room to go sideways for a long while looking at the potential for reverse symmetry.