Yesterday I began shorting a couple of the high flayer oil stocks which look to have a topping pattern in place. With all the buzz that oil is going to $100 again and everyone agreeing, just seems appropriate to consider the other side of that trade. COP and VLO were the two I chose primarily based on their particular chart pattern, but there are others and I'm looking them over this morning to see what more I might want to do in this direction. Note I added to the COP short this morning.
We have a tepid bounce this morning but you have to remember that they can get a quick short squeeze going at a moments notice so don't get too comfortable on the short side if you are over extended in that direction. Last thing you want is to get squeezed out of a good position.
Bias is mixed this morning. The rising volume yesterday could lead to a pivot day today or it could simply get extended. Early take is mixed with no clear signals being flashed yet.
We have a tepid bounce this morning but you have to remember that they can get a quick short squeeze going at a moments notice so don't get too comfortable on the short side if you are over extended in that direction. Last thing you want is to get squeezed out of a good position.
Bias is mixed this morning. The rising volume yesterday could lead to a pivot day today or it could simply get extended. Early take is mixed with no clear signals being flashed yet.
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