Russia Bears Watching Again with Oil Cascading

With crude oil cracking below $50, and energy stocks getting lit up, the Russia short is back on watch. RUSS is the triple-levered short ETF for the RSX. On the RSX daily chart, you can see a bearish pennant formed. The RSX is under $15, which means a breakdown is now on the table. Any further weakness likely sees an actionable short trigger from here. The risk, of course, is that oversold USO and XLE will bounce. But, for now, it looks like too many trapped longs are still shell-shocked and have yet to fully capitulate.