On Monday morning, I got a sympathetic email from a fellow Sloper who was asking if I was holding tough on my XLE puts. I assured him that I was, although I mentioned I felt “horrible” at the surge (tinted below in green) which, evidently, was prompted by the latest stupid government program of waste known as the Build Back Better Boondoggle of $1.2 trillion. Mercifully, since then, the thrill of this latest travesty seems to have eased away.
Looking at the daily chart, the first important goal is to slice through this level of support:
Should it manage to do so, the target price becomes a possibility, which I’ve highlighted here:
The long-term charts of XOI and XLE both speak well to the prospect of this target being made. I haven’t lost faith, and I appreciate the aforementioned Sloper writing to me, assuring me I wasn’t the only one sweating it out.