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Total Lack Of Energy

By Tim KnightStock MarketsMay 27, 2022 02:22AM ET
www.investing.com/analysis/total-lack-of-energy-200624937
Total Lack Of Energy
By Tim Knight   |  May 27, 2022 02:22AM ET
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The title of this post doesn’t refer to the lack of volume in the market. It has to do with the fact that I’ve scurried away from my energy shorts over the course of the past few days. It used to be the most dominant sector in my portfolio. Now it doesn’t even exist. The main reason is, not to put too fine a point on it, that energy simply Kept Going Higher. For one thing, oil itself basically goes up every day now, and it completed this clean breakout on Thursday:

USO Price Chart
USO Price Chart

As such, every one of my energy picks was a loser—APA (NASDAQ:APA), Marathon Oil Corporation (NYSE:MRO), Occidental Petroleum (NYSE:OXY), and so forth. And, obliquely-related, the Brazil country fund EWZ. The energy sector fund XLE tells the story plainly—almost nothing but green:

XLE Chart
XLE Chart

Between the fact that (a) I’ve given up on energy shorts and (b) I have an insanely high cash position of 43%, it probably means energy will instantly go into one of the fastest plunges in financial history. Joking aside, though, now that I have no dog in this fight, I can at least say that the XOP fund is looking awfully richly-priced, considering its position within its extremely long wedge pattern.

XOP Chart
XOP Chart

Total Lack Of Energy
 

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Total Lack Of Energy

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Comments (4)
Butch Einsel
Butch Einsel May 27, 2022 7:35AM ET
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Energy will climb higher over the summer travel months , I'm holding long until I see true demand destruction
Jeff Page
Jeff Page May 27, 2022 4:11AM ET
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Been there!
Chandru Samtani
Chandru Samtani May 27, 2022 3:17AM ET
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Thanks for being honest
Gus McCrae
Gus McCrae May 27, 2022 2:58AM ET
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Thanks for the honesty.
 
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