Yeah, like nobody thought of that title before. I do live in New York Post country.
Crude oil is killing me here but as I always point out the trend is not the same as it once was. Now it is time to listen to my own sage advice and stop trying to catch a falling knife - even though in my gut I think oil is not done rallying in the long-term.
Have I capitulated? Yeah, sure. But have I been pounding the table saying it was cheap all these months? Nope. I just made a few bad trades. That is hardly a raging bull throwing in the towel. More like a bottom fisher choking on sand.
I do believe that the dollar is partly to blame for my foibles. (Have to blame something for being wrong, don't I?)
But what has been the case all year it seems is that technical analysis is not working the way we expect. Prices hit support and they are supposed to stop going down if not start going up. Lately, the way it has worked is prices penetrate support, get the newbies excited to short and then the market turns around. Fooled you! Now stop confusing brains with a bull market.
Anyway, oil broke support at the 2008 rally 50% retracement mark so down it goes, right? Oil stocks were down 4% this morning so it all looks terrible.
And that's just when things don't work the way we expect them to work.