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Medium term (rest of the year) I think its over for oil for the time being. Which means it becomes more tradable I suppose.
jmo
Getting a little overdone here in the premarket. Just exited my dwt position. But remember, I usually sell too early
Who knows. It did seem that he was one of the few that really "shared" information that would take a good deal of work or experience to make high probability trades. It seemed to me that a lot of folks just wanted this information, but didn't share their own whether they were winning or losing on average.
Kam did teach me the wisdom to hedge long term positions. TMM is another poster who would let people in on when he was making a move, although he didn't reveal how or why he was doing it. Still valuable though. If no one wants to exchange ideas on this forum, then yes it is dead or at least dying. Although I have lightened my exposure to the bullish side of oil, I still believe we have a ways to go up in price. Might take longer than I thought, but oil is oil.
I'm certainly not Kam, but I think he would tell you its a good day to hedge your long oil position. I've been long most of the year, I still believe we hit $78 oil before we hit any real resistance, but I bought dwt today to hedge that position a little. JMO glta
Been awhile since I last posted here. Been holding mostly long on oil and UWT. We've had a few opportunities to trade on the dwt side. I still believe we at least hit wti 78 before any real initial resistance. Hope you are all doing well and trading well!
I suppose I should revise my 600 to 6 since the 1/100 price adjustment. good luck to all. Be safe.
Bad news for all you oil shorts...
Time to go long. Phil saw his shadow...6 more weeks of winter!
I've certainly missed Kam's commentary as well. I've been holding all energy stocks for some time. Scary part is I see no real resistance in wti until 78 or even perhaps 86. Scary. I've been waiting for an opportunity to switch to DWT and it hasn't developed. Surely there has to be a short term correction between here and 78. JMO and good trading to all.
I saw that too. Not so sure I'd short it yet, at least not long term. This could be a breakout, one of which is well overdue IMO.
Just my 2 cents.
Well my...my...my! I wasn't expectin' oil to stay above 61 too long. If this keeps up, maybe I should hang in there until it hits 75.
Dang! its taken long enough! Question now is..time to go short?
I'm with chartist. This could be the start of the 3rd corrective wave down for gbtc. If so, I'll be buying when it comes back up through resistance around 600.
Probably bought some land in west Texas as is pumping some black gold, Texas tea..
I probably made a mistake selling my "U" this morning, for a solid 2 week gain, but its Friday and I still have a loooooong term position in FSENX. SHort term resistance at 59, then next stop 61 oil.
And while we're on the subject, I appreciate everyone's comments, especially TMM's, and Kam's (when he's around).
opec's lips moved, probably why the dribble today.
Appreciate the blunt honesty, but that doesn't give Kam much reason to hang out over here, now does it?
Feel free to add your pearls of wisdom. Seriously.
Oil has been sideways mostly lately, although my 4hour chart tells me we have a good shot at hitting 59.16 oil in the near future. jmo
Looks like reasonable support around mid 52s.
Everyone who I know that is traveling this holiday is going by gas guzzling car.
Right there with ya TMM! Let's see this puppy grow.
I believe I'll keep what I have and let the knife land first before I bandage my wound...
Well Im willing and able to buy some U now..
I just renewed my membership to the "U" club.
While oil retested 56.57 this morning, it looks less likely it will move back to 55.60-55.70 anytime soon. Waiting on the side for some direction...
looks like its heading back up to 57.25-57.31
second chance. Will it head to 55.69? That seems reasonable in the short run...then on to 61!
I'm out for the moment. When the EIA report didn't cause an immediate direction change, I jumped on the U. Sold it later when the price started to roll over. I assume that's when you started making some $ on the short. We'll see how this gets digested overseas and in the pre-market. Never good to be neutral, so I'll take the outlook that WTI is on its way to 61, although it may not happen by Friday. Good trading!
I'm out. need to get some work done..haha. Made 5%-6% for the day.
The dump didn't show. Someone qued the dribble instead! been buying U since oil hit 56.50
Agreed that 20.50 UCO is a support area, but let's see if 21.15 holds before today's report. Again I think a lot will hinge on this particular EIA data.
If buyers are exhausted, they'll need those driverless cars to get some rest on the way to the gas station. haha
EIA report might actually be significant tomorrow. If we get a solid draw in everything (crude AND gas), we may be off to the races for a solid week, perhaps hitting $61 where we should hit some resistance. Otherwise, we'll probably revisit the $55.25 area as a first good line of support. Now of course this is all just conjecture on my part, from looking at my sometimes magic 8 ball known as thinkorswim charts. Trade well and be safe!
I made a nice profit this week, buying most of the steeper dips. While I think 61 is just around the corner, it wouldn't be prudent to leave it on the table for the weekend. Good and safe trading to all!
you as well
that's certainly in the realm of possibility. I'm looking for another buck lower...say low 53's
more dump please...so I can buy more U.
locked up some profit in the premarket. Waiting for report.
The range on this is incredibly tight. I would have expected a bigger selloff by now.
if eia report mirrors api, we could be in for a wild ride. Not sure which direction though. Breakout above 55 would appear to be bullish, but shorts are probably waiting to pile on any indication of a bigger move up.
good call on the dump intraday. Still holding long here.
I'm on the long oil bandwagon. I think it will go up two more $ per barrel before it drops two $. 4 hour chart looks bullish longer term as well.