Crude Scrooge

"I never liked a girl well enough to give her twelve sharp knives."
--Frank Cross (Scrooged)

Been a while since we've experienced serious downside volatility in December. Action over the past week had that 'different' feel (I know, I know...).

Carnage in the oil space continues. Crude has fallen by half over the past six months, and this week the pace of selling picked up.

Perhaps some of this is rubbing off on stocks, which closed on the low tick after a reversal day yesterday. SPX is now below support defined by the previous September peak and currently is back on its 50 day moving average. Break that and its the 200 day moving avg followed by the October lows.

Perhaps the Santa Claus rally came early this year. One thing is for sure: few are positioned for coal in their end of year stockings.

position in SPX, oil