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Last week, I made a post called "Energy Bear," in which I suggested going bearish against the oil and gas sector fund, XOP. I have good news and bad news. The good news is that, as your world-class chartist, I was completely right, and XOP has been punched in the face every single day since my post.
The bad news is that, as a world-class screw-up, I sold my XOP puts the next day for a tiny profit, only to see the thing keep falling. Same old story: amazing chartist, terrible trader. Luckily, you just get the first part.
It seems to me energy overall seems to be anticipating the coming worldwide recession, as commodities are poised to plunge for months to come. Here is a look at some charts.
Crude Oil
Heating Oil
Gasoline
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