This is Really Going to Hurt

Crude oil is back at it again today with its swoon, along with energy stocks--And major ones at that, such as SLB. 

I day-traded crude on the long side quickly yesterday, inside Market Chess Subscription Services, but had virtually no intention of swinging it overnight due to the continued risk in the complex. 

And when I say risk, I am referring to an outright crash or cathartic washout of weak holders from above, something which, frankly, would get us closer to an actual tradable bottom than the current methodical grind down we have seen. 

In addition the XLE and OIH are giving up recent gains and bullish divergences to crude, reinforcing the risk of a further washout before a bottom. 

So how do you want your crude bottom--Above or below the wrist, Clarice?