This is not an issue of being Apple Jack’d but merely becoming a victim of a most egregious rug pull. We’ve seen this happen to the oils in June and today, out of nowhere, the entire energy complex has been upended as if we have perfected fusion technology and no longer need the stuff.
Crude is down nearly 4% and I had a fuckload of oils heading into today, alongside being short. This was a perfectly cogent trade and had worked, until it didn’t.
I immediately sold my oil exposure but kept the shorts — because fuck that. My losses are now about -1.85% and more or less fully depend on the market cracking lower now.
In other words, I got hooked on the idea that oil was going higher, natural gas too. Ridiculous that I could fall for such folly.
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Same chicanery they’ve been doing in the precious metals market for decades.
They will run out of rug in energy (no later than this winter) before pm’s. Then again, who TF knows anything for sure.