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5min Renko
202,000 inside at 2.33. Git ur foot off of it so it'll run already.
Good board here folks. Keep up the good work. Really like the Renko info!
UCBH chart
UCBH HOD 2.38
Wow, 25 percent today and still only 55 boardmarks. Can't believe I'm this early.
Some good points Doc. I like this Renko chart even better. From what I see, today just passed up four prior volume-keyed resistances at .09/.095. Elevator up.
Gonna go out on a limb here and say .115 is near term, maybe tomorrow. Past .115 and who knows. Certainly easy to see a double from here.
UCBH about to go I think. Crazy swings right there. One minute 2.25, then 2.34. Sumpins up.
Just so, so many gooooooood pincers out there. Hard to keep track of them all or decide which ones to play. UCBH my favorite right now. Got that little hook to it plus some other things. Just yelling out freakin loud for a double here plus 30 million short.
Ahh, you're right. Didn't even think about that, just saw the chart and it looked good.
UCBH...ready to run
FMD
Kinda thinkin bout going short here at 3 bucks.
SIX
starting to head for a pinch, but since it broke this macd line I think it's going lower before it goes back up. Maybe 1.20, just a guess though.
Divers List
ACPW,CEM,EPTI,GRO,ILNS,IMB,NILR,RAD,SHMT
So many good pincers, need about 200k to play all the good ones.
Oil's gonna turn, gotta turn. Gonna happen, gotta happen.
LCC on a pinch, AMR working on a channel, UAUA, etc.
Guys with 500k could buy some good quality right now and just sit around for 6 months and see 2.5 million. Even MOT pinching.
Me thinks this is the time for good quality, good value big board pincers before the rest of the hoards pile on. JMO.
It's where you have 500k shares of ACUP then you have 55 shares of RUNU. I'm just waitin for a year to pass so I can dilute the float some more with my 55 shares.
$WTIC
Like this bearish MACD hist divergence plus the way it looks toppy right here. Bring it on, I'm ready to see it plunge.
Numbers back this up
"Stupak said that while Treasury Sec. Henry M. Paulson and the CFTC won't acknowledge that excessive speculation is part of the high oil price problem, others from the International Monetary Fund to Saudi Arabia's oil minister have said that it is.
"The numbers back this up: Between Sept. 30, 2003, and May 6, 2008, contracts held by traders jumped from 714,000 to more than 3 million, a 425% increase. Since 2003, commodity index speculation has increased 1,900% from an estimated $13 billion to $260 billion invested," the House member said.
He said CFTC data show that in 2000, physical hedges that airlines and other businesses use to ensure a stable price for fuel in coming months and actually imply delivery, accounted for an estimated 63% of the total futures market, while speculators represented about 37%. "By April 2008, physical hedgers only controlled 29% and speculators had taken over a whopping 71% of the oil futures market," Stupak said.
He said 85% of the futures purchases tied to commodity index speculation comes through swap dealers—investment banks that serve as intermediaries for their pension fund and sovereign wealth fund customers. One report found that $55 billion of total worldwide commodity trading over 55 days came in as swaps, according to Stupak. "The CFTC has allowed 117 exceptions to swaps. When that many exceptions are allowed, they are not really subject to oversight. We have a CFTC that's supposed to be doing its job. I'm not certain that it is," he said."
So very similar to the subprime mortgage envelope of late.
"To underline his case, Stupak said speculators now control 71% of oil on the market. That means only 29% control the physical oil being traded, down from 61% eight years ago. He blamed loosely regulated trading markets with numerous loopholes for the ease that traders have to buy and sell crude."
http://money.cnn.com/2008/06/23/news/economy/energy_speculation/?postversion=2008062313
Oh yeah, it's all positioning. They can't even get a handle on SHO let alone global commodity markets. Something to do about a alligator mouth and a hummingbird *ss I think.
PUMP bill
"Legislation introduced in the House of Representatives on Friday would crack down on over-the-counter crude oil trading and go after speculators suspected of pushing oil prices to record levels.
The Prevent Unfair Manipulation of Prices, or PUMP, act, would eliminate loopholes allowing energy traders to amass excessive profits while inflating the price of oil for consumers, by trading on foreign markets and entering into other deals that currently escape federal oversight.
The bill's main sponsor, Rep. Bart Stupak, Democratic chairman of the House Energy and Commerce Committee's Subcommittee on Oversight and Investigations, said excessive speculation was "killing our economy."
Speculation usually accounts for only $8 to $9 per barrel to the cost of crude, but in current markets, he said, speculation is adding about $65 to $70 a barrel -- almost half the price of oil.
"We don't mind people making money," Stupak said. "We're not saying end speculation. We're saying end the excessive speculation that continues to put a higher and higher floor (on oil prices)."
Democratic Rep. Jay Inslee said the law of supply and demand, which some have cited as causing the rise in oil prices, are not at work here. "These are the laws of what happens when you allow manipulation and excessive speculation, because you don't have a fair review of these markets," he said.
Under the bill, overseas trading of energy commodities, such as on the InterContinental Exchange, would be subject to the same rules as U.S.-regulated markets, if traders use U.S.-based computer terminals or the transaction has a delivery point on American soil.
The Commodity Futures Trading Commission, which oversees futures trading on U.S. exchanges, would also get authority to monitor bilateral trades and swaps that occur between two parties and are not negotiated on a regulated exchange.
"The CFTC has allowed 117 different exceptions for swaps," Stupak said. "When you allow 117 exceptions, you have part of the market that's basically doing what it wants with little or no oversight from the government."
Stupak said this allows traders to drive the price of oil to what is most beneficial for them. The PUMP bill would require reporting and recordkeeping for all such transactions, allowing the CFTC to monitor for fraud and manipulation.
The bill would also require the CFTC to set position limits on the number of energy contracts a trader could control "over all markets" and would no longer allow speculators to be exempt from position limits for hedging risks, unless they have "legitimate anticipated business needs."
The Federal Energy Regulatory Commission would retain the authority to prosecute market manipulation, and get the added authority to freeze the assets of companies it prosecutes.
Companies would no longer be able to liquidate and distribute their assets before a verdict to avoid monetary penalties.
The legislation has more than 50 co-sponsors, including some Republicans. Additionally, a coalition of consumer, labor and business organizations, representing mainly the airline industry, endorsed the PUMP bill."
http://www.foxbusiness.com/story/markets/market-overview/house-goes-energy-market-speculation/
Not getting my hopes up since they can't even enforce SHO.
"WASHINGTON -- The price of retail gasoline would fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy markets, four energy analysts told Congress on Monday. Testifying to a House Energy and Commerce Committee subcommittee, Michael Masters of Masters Capital Management said the price of crude oil would drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135. Fadel Gheit of Oppenheimer & Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFC Energy agreed with Masters' assessment at the hearing. Other witnesses say speculators aren't a major factor in oil prices, however."
http://www.foxbusiness.com/story/markets/industries/energy/gas-prices-fall--congress-acts-analysts-say/
I like BE but I think it's going lower. Something unseen there I think and with that said the risk/reward ratio is going to have to get better before the pincer hooks. JMO.
"U.S. Energy Secretary Samuel Bodman, however, said earlier that U.S. officials had found no evidence speculators are driving up prices."
Huh? Hellllooooooooooo! Is anybody in there? Knock, knock.
http://www.foxnews.com/story/0,2933,369926,00.html
Peak Oil
Good article here.
http://www.foxnews.com/story/0,2933,369553,00.html
He's been explaining it for 30 odd years now. Nothing new.
Maybe we get a break on oil along with some INDU support there. That should really make some of these pincers run some. There are a bunch out there right now just waiting to pop.
SBKC +20%
CHL 67.83
Hey I like that skidzz. All he needs is a wifi connection and he could float around with some sudz and trade stocks.
Well I thought those LCC 2.95s look good so I got em.
LCC
Nice hook, wish I'd seen it a few days ago.
Oil below 132.
BZH 6.09
BBX 1.72
I'd agree with most of that even though I don't like it very much.
In reality, it's just what is needed to change behaviors and it already is in the way of SUV sales and consumer habits. Probably about 30 years overdue in my opinion.