26Nov2:17 pmEST

Drillers Getting Drilled; Chess Moves

incredible_paintings_beautiful_art_drawings_chess_board_coin_pictures28www-picturespool-blogspot-com292 With the weakness in many energy names persisting today, I went long ERY (the triple-short energy sector ETF) at $18.32. I placed 4% of my trading portfolio into this position, with a protective stop-loss below $17 if I am wrong. Energy stocks have shown relative weakness for a while now, along with crude oil. I have seen plenty of bottom-fishers in the sector, but they have made little progress. This position would be playing for the highlighted XLE (energy sector ETF) weekly chart bear flag, below, to break lower. Also note drillers in the sector, such as SDRL RIG, are getting, well, drilled today quite badly. We could easily be seeing forced selling, or liquidation, in this space into year-end. XLE

Ready for Round Two Stock Market Recap 11/26/14 ...

 
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