Why are longs even afraid?I don't understand this, get some damn sense people, after $107 drop in oil price to $40 today, and we longs are worried?
Jeesus, fear really got us, didn't it? Shorts should be really really worried, not us.
I don't care about all that fancy schmancy TA like Elliot Waves, Wykoff, etc, all that may be entirely irrelevant in this manipulated oil market, but just take one look at the price/volume graph at HOD and HOU, and tell me in the face that you feel more comfortable buying HOD right now than HOU.
Take a close look at HOU's price/volume chart, with the slope of price declines gradually basing out and heavy heavy volume coming in, and you tell you gonna short it at this level?
Go ahead and get burned. Contrary to the belief that the bottom is not in, I will venture to say that the bottom is very very near and shorts will get burned real bad.
Just look at the chart of HOU and now tell me you will short it.