Oil Warning Last Night..
Crude oil had a big decline overnight, but the big guys who are long pushed it back up in early trading today. I would not be surprised to the hammer come down on them now.
The regular markets, especially tbe tech related stocks are acting well, we are about to see phase two of the OMG rally.
An eye opener outside the box relationship view of the old oil economy vs the digital semi-conductor basis of the New Green economy..
Here is a chart of the XLE energy ETF divided by the SMH semi-conductor ETF going back to at least 2010. (uses monthly data) :
This chart shows how XLE appears about to start to decline vs SMH.