Crude oil is setting up for a big move, and almost nobody is paying attention. In fact, sentiment in the energy trade couldn’t be more bearish right now. Everyone hates it, everyone.
As Strazza said on our call yesterday, “Even Warren Buffett is losing money on this one.” That’s the vibe.
XLE keeps dropping, the bearish sentiment intensifies, yet producers are stepping in and buying. That’s a bullish signal if I’ve ever seen one.