We mentioned it at $16 on Sept. 30. By October 14 it topped out at $23.61. What this means is:
These things are effin' dangerous and could just as easily lose you half your money in two weeks!!!WTI $78.35 on big volume after settling at $78.78 down $1.76. Brent under $85 last I saw.
ERY $18.26 up 0.90 (5.18%).
From The Wave Trading, Nov. 2:
ERY: Potential Falling Wedge
ERY (Energy Sector Bear 3 x ETF) it could be forming a falling wedge.
If the wedge is correct price must not breach the 200 dma which stands ar 16.85
If this pattern pans out the initial target is located in the range 20.42-21.49
Sept. 30
Chartology: "Energy- Worst performer over 90 days is on channel support" (XLE; ERY; XOP)
Patient readers have noticed a paucity of long recommendations in pretty much any type of long equity and that on the short side we've been sticking to the grains and precious metals instead of something like the Direxion triple-leveraged short energy ETF (ERY). That may be about to change....Oct. 21
Oil Sell-off, the Goldman View (XLE; ERY)
Oct. 27
Oil: Goldman Lowers Forecast, Brent and WTI Both Down
Oct. 30
Oil: There's Bearish and There's Betting On $50/Barrel Bearish
