Remember when oil was negative $37 per barrel? The price action isn’t as bad — but algorithmically today’s pin action is on par.
I do not ascribe to the fact that “this time is different.” I am hammered for -2.8% with 63% cash. My stratagem is of the Martingale Varietal. I shall endeavor to AVERAGE DOWN into the maelstrom and continue to buy as we circle lower into the sewers. I understand and acknowledge that President Biden is the biggest piece of shit to have ever been born — but mean reversion and markets sing to a different tune and right now PANIC is setting in and plebs are RUNNING for cover.
My best guess is for a CRASHING OF THE CLOSE, followed by a CRASHING OF THE MARKET ON MONDAY, at which point I would have likely tossed in another 15% of my assets into the fires.
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Long EWZ here …hoping we don’t start a war with them …as they do when I go overseas.
The difference is that at the Covid lows the oil stocks (think XOM,HAL,SLB, BKR, XOP etf) were eiher unchanged or ticking up as the price of crude was going negative. That was a signal that the “smart $$” knew the price of crude would be turning around soon. Now I see these same oil equities still plunging so I think they have a way to go. Of course the strong dollar is not helping either.
The Biden campaign committed to our getting back into the JCPOA – so maybe markets are anticipating oil flowing from Iran any day now.
Long TQQQ into the close @ 25% position. Another 25% Monday EOD. God Speed.