While Wednesday was my best day of the entire year, Friday proved to be one of my worst day of the week. The explanation can be explained with one image:
The above hit the wires on Tuesday and the damage to energy bears (like me) has been horrendous. Here’s what crude oil is doing:
My beloved ERY position, of which I was so fond, has been getting spanked.
I trimmed back on it 20% Friday morning, since the Gartman effect was so devastating. This isn’t the first time we’ve had a big surge in oil, followed by a renewed collapse and in spite of covering some of my energy shorts, I’m still somewhat in the game (but not nearly to the same degree as before, thanks, Dennis).
So when will this nightmare end? Simple. When Gartman CRIES UNCLE and, at a minimum, declares he is stopped out. If he flips and goes long, put every asset you have into energy puts. But, again, until we hear from the man, the pain will continue. AND NOT ONE MOMENT SOONER.
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