/CL (crude futures or /QM (MINY futures), /MCL (micro futures), USO (crude ETF), SCO (-2x short crude ETF), etc. offers an objective short entry here at the 101.50 resistance and/or on a break below this rising wedge pattern (TL) as a direct play and/or indirect hedge* to a QQQ or SOXX short. 60-minute chart below.
CL 60m April 28th
Just as we did, very successfully, a few weeks back, a short on crude can be viewed as an indirect hedge to any index or semiconductor sector shorts, as should crude continue higher, that will most likely cause stocks, especially the higher-beta growth stocks, sectors, & indexes like the tech-heavy Nasdaq or semiconductor sector, to fall.
If we’re really lucky, both crude & the market or semis will also fall, as the charts indicate is likely in the near-term. Hence, my usual preference is to use an indirect hedge that has the potential for both trades to pan out vs. direct hedges, such as a call option against an index or sector short position, which will only pay off if the underlying you are buying to put to hedge against falls.