Markets were modestly higher today, but the Dow Jones led the way. Volume was very light, but there was some good action in individual names. Apple revealed its Casio watch today and no one cared. Should I care? I have had it with technology. Its all become too much.
Twitter, Facebook, LinkedIn Tinder, Uber, Snapchat, Vine, virtual reality……. Stop the carousel I really want to get off. No one talks anymore, kids have their cellphones velcroed to their faces and the human element has all but been rendered obsolete. I sound like my father, but that’s how I feel. Enough already. But I digress.
The bulls managed to cut the bears off at the pass today, but the key will be a follow through day higher tomorrow or at the very least a consolidation day.
I find the energy patch interesting again, but from the short side. There was some action in WLL today as the rumor mill heated up and that helped XLE at the open, but as you can see it didn’t have any shelf life and rolled over and died. See the 10 minute chart below. Things looked good for about 15 minutes, then the lights went out. Bearish action.
The daily chart doesn’t look any better.
So in the spirit of putting my money were my mouth is I am getting long ERY, which is the ultra short etf for the XLE. Buy the 21.75-22.30 area.
I am also adding ESPR long at the 68.50 level.
Have a great evening and I’ll see you in the morning.