This is Going to Sting

By Tim Knight

Well, some mixed emotions this morning. A lousy jobs report has gold soaring, the dollar crumbling, and the rally in equities zeroed out (for now). As I am typing the ES remains green, just barely, but there’s a lot of action elsewhere. I’ve got 48 short positions and am about 180% margined, so it could be a good day for the bears.

Crude oil in particular — almost always our friend – – has resumed its hard slide, and on an intraday basis, you can see that it’s not exactly looking great for our OPEC buddies:

0602-crude

The “sting” part is that I got stopped out of QID, DRIP, and FAZ yesterday. The QID isn’t a big deal, since it looks like NASDAQ is remaining strong. FAZ is also kind of a “meh”. But DRIP is one I suspect is going to recover mightily today. I scored a 20% profit on it, even having been stopped out, but I think my bearishness on energy is going to play out longer-term.

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