No time for an in-depth article today, but the quick comment is that I think oil is getting overstretched for the short term and is due for a pullback. In preparation for that, The Kelly Letter is shorting the commodity into this week’s strength.
Notice that the long ETFs are blinking overbought signals on the charts, while the short ETFs are blinking oversold. It’s time to at least get out of long positions, but I think the overstretch is enough to warrant taking short positions — as we’ve done.
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