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Crude Oil Vulnerable

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

I cannot help but express my delight at having real infrastructure again. I spent the entirety of Monday flying back home, and while I am accustomed to Internet connectivity that is similar to a firehose, I have to satisfy my data needs with a tiny plastic straw that had a kink in it. I wound up sleeping through most of the trading day, as there was little to be done.

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I did an ETF roundup over the weekend for our gold and diamond members, and in it I highlighted crude oil’s vulnerability to a downturn, based principally on its approach of an important price gap. I was pleased to see that panned out nicely, with crude withering away persistently.

Looking at the USO chart itself, you can see where the price gap is and how prices did an “about-face!” once they got there.

On an almost totally-unrelated note, in spite of my belief that gold and gold miners could keep powering higher, I’ve got to express my affection for one precious metals short that I’ve mentioned in the past, which is Pan American Silver Corp (PAAS). That is one doozy of a right triangle top.

Anyway, I’m back home and ready for full-time action. It’s going to be a long, long time before you’re going to have to put up with semi-Tim presence anymore. I couldn’t be more pleased to be in Palo Alto again.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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