Postcards: Oil Shorts Face a Bit of "Ouching"

This morning, we're talking about the S&P 500's drop from 4,200 resistance, Saudi warnings to short sellers, and why Germany is running from Green Energy cartels.

Wednesday, May 24, 2023

Dear Old Friend,

The locals arrive today to replace a 20th-century farm fence. At their request, I had to hack away at 100-year-old vines with a machete to clear a pathway through the brush and overgrowth. No sweat. They tell me that machete swinging is good for the abdominals…

Now, let’s get swinging on Wednesday’s market…

Risk On, Risk Off? And Market Risk of Media Overload

Yesterday’s selloff happens when no one has an answer as to what comes with a debt ceiling success… or failure. We’re down in premarket hours – just a few days after EVERYONE was SOOOOO BULLISH, and momentum turned positive last Tuesday.

Now, S&P 500 momentum is about even – and the S&P 500 SPDR ETF (SPY) has slumped from 420 to 412.50 in three sessions. Beware the broader narrative… as funds will always – gladly sell to willing buyers at resistance levels like the 4,200 on the S&P 500. Remember, everyone: The purpose of a market is to sell…

Are Short Sellers The Unluckiest Fellas in 2023?

While t…