Direxion Daily Energy Bull 2X Shares (ERX)

[zsvq1p]

Pressure on Saudi....


https://www.wsj.com/articles/saudi-bond-yields-climb-amid-oil-price-war-11583939109?emailToken=ac7be563d8280d563d40db9357020806kV8dVKfQVfL1/n94RLnoHsb1TlxMNAsKN2GRFbGZjQbE2PwY4HfPNdqObOOiKx9nu2lgq1aNriImbVX8SU0H1SXTnnRwJySfmJyiLWmnBWo%3D&reflink=article_copyURL_share

[zsvq1p]

It's happened before...

[zsvq1p]

This could be the opportunity of a lifetime. We never see oil at these low prices.

- We have the Democrats wanting to destroy Trump and do this by placing fear in everyone's mind. They no doubt have a willing press to help them. Is it overstated? I think yes.. but nobody really knows.

- In a short time, we will see how bad the virus really is... or is not.

- I see an administration coming up with bailouts. I'm not one for these deals but this seems to place folk's minds at rest. Delaying tax date, supporting the industry.. etc. blah blah..

- I see OPEC and the Saudi pissed at Russia. But they need the cash that bad.. or their own economies will suffer. I predict they will make up and not produce so much.

I'm taking a cautious approach. Buy and accumulate for the next few months. I bet we see a huge POP.

I also think ERY and ERX will split and reverse split. I've seen this happen a few times.

[zsvq1p]

Pre-Market:$2.650.38 (16.74%)4:32 AM

[surf1944]

Purchased some ERX today!

[zsvq1p]

Not sure when to get back in but in short time this is going to turn...

https://www.yahoo.com/finance/news/stock-market-news-live-stock-oil-futures-crater-on-coronavirus-crude-war-fears-224253935.html

[zsvq1p]

I bailed when we last chatted... I bought ERY.. Amazing $50 gain this morning and sold. I got lucky needless to say.

But ERX is going to come back...

[bilyjak]

Looks like I'm going to take one hell of a beating today, but if it isn't time to buy today and in the next few days when is it?

[zsvq1p]

I sold and bought ERY... but hell took a bath.. but know this.. ERX will come back. They might split this thing too.

[bilyjak]

Well I got that sinking feelin this morning.

[bilyjak]

I hope this is bottom. If it isn't I will keep watching it.

[bilyjak]

I did. Picked up a few today though.

[zsvq1p]

I hope you waited.

[zsvq1p]

Historically, the Gaps have filled many times. I'm accumulating... but upside down right now. One drawback is the US is really pumping out the oil and gas... and this supply is disrupting the Cartel from dictating the price.

[bilyjak]

Damn I should pick up some of this. Is it bottomed out????

[zsvq1p]

Double bottom.. Perhaps a buy.

[zsvq1p]

Buy low right?

https://www.wsj.com/articles/energy-stocks-fall-faster-than-oil-prices-11571227201?emailToken=16262a6aa97d59827b17894296f15222ra39QYE8f/j+KOPRrPoFUfZWsV+EjK+xob1cdMntxGVEsA7ljYpcIkcOGPBe0ZmT9ySYSNsedJbPBbpZ5BmxIyRh49Tj7ysO2H78/Rg/ujw%3D&reflink=article_copyURL_share

[zsvq1p]

Double bottom reversal...

Humm.. With only gap open in the $20's

[zsvq1p]

Replacement Rate Hits 20-Year Low: Oil Industry Only Replaces 1 In 6 Barrels

This means at some point demand will outpace supply. Higher profit and prices.

Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) year-to-date, according to Rystad Energy’s latest global discoveries report.

The so-called resource replacement ratio for conventional resources now stands around 16%, which is the lowest seen in recent history.


https://oilprice.com/Energy/Energy-General/Replacement-Rate-Hits-20-Year-Low-Oil-Industry-Only-Replace-1-In-6-Barrels.html

[zsvq1p]

Ok.. we might have bottomed.. 10/15/19 is key.. will China and Trump agree?

Gaps seem to always fill...

[zsvq1p]

I don't think we seen the bottom yet. So you might consider ERY.


https://napipelines.com/2019-oil-pipeline-report-permian-basin-production-infrastructure-projects/

[bilyjak]

Hey thax for the post. Not sure if anyone is watching this.

[zsvq1p]

https://www.ogj.com/drilling-production/production-operations/article/14037545/permian-productivity-pessimism-challenged

[zsvq1p]

I know this.. The Gaps will/do typically fill.

I had a auto fill at that lower gap... $17 something.
Not good..

OPEC is in the process of cutting output. They are going to wait out the USA as fracking does have a peek.. we are likely near the peek. But This could drop another few points unless Trump gets back to negotiating. That seems to be driving investments to bonds.

[bilyjak]

Holy Shnikees!!!!! Is anybody got the balls to buy today????

[Toofuzzy]

Maybe !

But then I am
Toofuzzy

[bilyjak]

Is this going to take off this coming week????

[zsvq1p]

Gaps Always seem to fill on this one..

[zsvq1p]

OPEC meets next in Vienna on July 1 to decide on its output policy, and will meet with its non-OPEC allies, led by Russia, on July 2.

But Russia still has not said whether it would agree to keep the existing cuts in place or push to increase in the second half of 2019, the sources said.

“Russia is the only country that is yet to decide,” another OPEC source said.

U.S. President Donald Trump has called on Saudi Arabia and OPEC to boost output to compensate for the reduction in Iranian oil supply, but Saudi sources say that though the kingdom will always respond to its customers needs, there has been no demand for extra crude to justify them increasing their production.



https://www.reuters.com/article/us-oil-opec-gulf/gulf-oil-producers-to-maintain-output-within-opec-target-in-july-sources-idUSKCN1TL1TI

[zsvq1p]

https://www.reuters.com/article/us-usa-oil-permian-idUSKCN1T71B7

[zsvq1p]

Perhaps we have bottomed?

https://www.reuters.com/article/us-emirates-opec-cuts/opec-will-hold-extra-meeting-if-output-cuts-not-enough-uae-idUSKCN1OM09Y

[zsvq1p]

Gap fill on this one.. Now we must hit the gaps down..

So Buy ERY..

[zsvq1p]

Double Top Reversal..
Double Tops / Double Bottoms
This chart pattern represents a reversal in the market



http://www.financial-betting.com/strategies/chart-patterns-in-financial-spread-betting

[zsvq1p]

I'm jumping in today..

OPEC meeting with shale oil folks and Exxon should show improved profits. Plus, the US is often the driver of this ETF as Shale guys might be able to kill it while Cartel cuts this year.

[Marketwise]

Good trading, which is essentially what I used to do with ERX (and ERY sometimes). May start trading it again soon. I too am looking for a pullback and nice entry point in ERX soon but we may have to be patient...

[zsvq1p]

I sold most at the peak and consider myself very lucky. I got stopped out which plays into the fast drop.

I'm thinking the market was oversold in general.

This ETF seems to track gaps very well.. the lower ones have all filled.

I'm going to decide what point I get back in soon.

[zsvq1p]

I sold most at the peak and consider myself very lucky. I got stopped out which plays into the fast drop.

I'm thinking the market was oversold in general.

This ETF seems to track gaps very well.. the lower ones have all filled.

I'm going to decide what point I get back in soon.

[Marketwise]

If you are - I suggest you wade back in very slowly and very carefully....Could be more downside to come....

[Marketwise]

$43 to $24 in just two - count 'em - two weeks...Anyone getting ready to dip their toe in this pool again soon?

[zsvq1p]

I'm glad I hug tough...

I averaged down every month for a year now flipping GAPS along the way to lower my base at under $28 for a net 38% return...

Heck had I Flipped going both ways from ERX to ERY the gain would have been far greater.

[zsvq1p]

Oil Surges Past Shale-Drilling Tipping Point as Glut Shrinks

https://uk.investing.com/news/commodities-news/oil-surges-past-shaledrilling-tipping-point-as-glut-shrinks-957953

[zsvq1p]

Gap at $40.75 that might fill..



Today..

[zsvq1p]

Gaps have been working...

ERX Gap will fill down to $30.63; a Sell; buy ERY

Should buy ERY Closed at $10.21 and that gap will fill & sell at $10.97 and then buy ERX.

note the ERX has unfilled gap at $37.55 and it will fill... one day.

[zsvq1p]

http://www.businessinsider.com/one-indicator-could-have-an-impact-on-what-opec-does-next-year-2017-12

[zsvq1p]

Yep.
Filling the gaps have worked pretty good on this one..

Next high gap is about $30.68

[Pro-Life]

The turn north has been strong throughout the fall...

[zsvq1p]

OPEC has been cutting production into a (ex OPEC, ex U.S.) world that’s not producing (i.e. there’s negative production growth). Given the scars of last year’s oil price bust, oil producers haven’t been spending on new production.


https://www.forbes.com/sites/bryanrich/2017/11/06/expert-oil-investors-say-risk-of-triple-digit-oil-prices/#7d9612737554

[zsvq1p]

Gaps always seem to fill, Next up?

[zsvq1p]

Congratulations.

I just sold too and will play this gap. Buy in at $28.50

[surf1944]

Sold my long oil positions, will revisit in the spring!