Too many people here are now bullish on oil — you know what that means.

When r/stocks users and Jim Cramer start to get bullish on oil, that means the top is very near.

I'm going to slowly DCA XOM 2024 puts starting next month. I presume oil will peak around Labor Day with 140-150 a barrel will start to see demand destruction (actually seeing it now, a lot of my friends are getting laid off or canceling their summer travel plans), and after the bloodbath in midterm, oil definitely will stabilize around 75.

Also, we saw something similar happening to COST TGT and KO. people flocked to value after tech got decimated, and now those tickers aren't doing so hot either. Soon, energy will go through the same.

Look at what happened in 2008 when the recession hit.