Energy and Materials Charts and Clips

As promised, here are some promising short setups for the energy and materials sectors. Since there already has been a big drop, in most cases I would not initiate short positions just yet. There is a chance that today was a capitulation event, and most charts are showing oversold readings. The lower risk play would be to wait for strength into the break down points, followed by confirmation of a new thrust down.





I highly recommend Spike Lee's brilliant "When the Levees Broke" documentry on HBO. Here is a clip of Kanye West's famous "George Bush doesn't care about black people" statement.


Bush on the hardest part of his job:


David Letterman takes apart O'Reilly