You Can’t Hold a Good NASDAQ Down

I shelved a sundry of doomful news stories on this Friday, sparing you of the uncomfortable realities of living during the end of times. As you can see by today’s pin action, investors are shrugging off dire news out of SLB, whose CEO cited the oil industry as being one and the same as living through a full blown cash crisis, slashing North American spending by 50%–firing thousands of workers and sending them to the Walmart unemployment offices for new career opportunities.

Oil crested this week, higher by 8% and the ark fell the most in 5 months. Everything is pointing towards higher prices. If it weren’t for the specter of annoying earnings shortfalls, this market might take off to 20,000 by the first of May.

I’ll be covering part of my XLE short today, not out of need, but part of my 10 day holding pattern. Thus far, the trade has been an unmitigated disaster. Nevertheless, there is always hope and a chance that something truly awful will happen over the next two weeks.