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:
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.