USOIL and 
SPY have the same bearish looks with the notion that this top out cannot last. Oil has stagnated already (slightly upward tick but overall very "sideways"), while the S&P closed with a strong rally--and with what nearly looks like a GAP...
The reversal may not happen Monday, but this trader projects it to happen by late next week or early in the following trading week, after Christmas even.
Please See the related notion of an ending bull cycle (or period, if "cycle" is too loaded a word for some)...
This is something of redundancy but for a deeper look it seemed useful to parallel OIL w/ the S&P; they will tank in simultaneous fashions.
--BDR
Note
Several have asked if I bought puts.Yes, I did. 364 strike price, Expiry Thursday.
I'm also minimizing my last open position to just a handful of watchful shares.
Trade closed: target reached
Sold @ 3.70 per contract, price 1.40. Approx 250 % profit on sale of THURS put.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.