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Still got half my account in this. Agonizing over what to do with my remaining shares. Maybe sell one more lot and hold a small core. I'm just afraid they'll tank it after the report then I end up chasing.
Added 106s.
Ahh the morning pump. Like clockwork they pump the price of oil prior to open regardless of news or fundamentals. Might add some DWTI around 106 if it gets there
All the better I need to add anyway. Wish I'd done so yesterday.
So of course these fools push it up pre market lol. Just like the pushed oil higher after the 2 pieces of bearish news yesterday. Hopefully it's just an initial reaction and it's wrong.
Well you can never go wrong takin profit but with the size of the move down today and the 2 bearish pieces of news that came out this morning (crude storage build plus OPEC output at record high) I would expect we see some more upside on DWTI in the next several days barring some major new supply outage being reported.
DWTI is moving into the October WTI contract this week which is trading 2% higher than September. This means in the coming weeks the later dated contract will lose value as the time premium decreases. I expect the October contract which is at about 42.30 to drop below 40 pretty soon which will put DWTI close to 130.
130 is what I'm holding for and once we get there I may sell half and hold the rest for even higher.
Good work here today guys. Nice close.
I guess back in the spring natural gas did run from 2.32 to 2.74 in 8 trading sessions. So we could still see some down side before a bounce. Maybe.
Yeah I sold a quarter of mine at 7.50 and another quarter at 7.92. But who knew ng would go from 2.87 to 2.56 through multiple strong supports in a matter of several days.
It's a monster! DGAZ taking names and kicking azz.
It never did backrest the 200ma at the time (it was either the 50 or the 200) that it broke above it. Was like 2.30-2.35 at the time. The exuberant bulls just kept pushing and never looked back.
With the large contango in the later contracts for 2016 we could see an epic rally here this fall.
My short term target is 130. DWTI is rolling into the October crude contract this week and that's trading 0.75 higher than September which is 42 now. When the October contract hits the previous low of 39 and some chance that'll put D at about 130-132.
The October contract hit $44 on the spike this morning
Haha it takes a special kind of crazy to trade these 3x ETN's. Welcome to the asylum.
Not sure why Bulls like the record opec production but ok. I loaded a little more in the 99 area. Thanks!
Yes I was surprised that oil went up since that announcement. Fine with me though I need to finish loading da boat here
I thought we may see some short covering today like last Wednesday on NG but maybe shorts aren't as concerned about this weeks report as last weeks.
Noooo big D come baaaaaaack! Lol. I wanted more shares!
Honestly I'd like to get some more shares in the low 90's but that may not happen. Mostly depends on EIA report tomorrow. I made my first but today to reload. 1/4 of what I had when I sold it. I'm looking to double my position here as I have funds tied up in DGAZ for the fall.
That's a pretty good gasoline draw I'm hoping we get another pop in oil before the next takedown. Just restarted my D position today.
Good strategy. We have two large contango spreads between now and then. 5% for the early September rollover and 8% for early October. Triple those and compound them on top of each other and whatever drop Natgas has between now and then and the sky's the limit.
Yeah that happened to me with DGAZ and DWTI last year. Bought DWTI at 60 and sold around 70 bought DGAZ around 6 sold around 8. Then DWTI went to 480 and DGAZ to 32 later in the year. Ugh.
So yeah I just had my entire margin account in DGAZ for a week and i sold half today. I'm holding the other half longer term.
Yeah this fall we could see an epic run. Contango is like 5% next rollover (September 2nd week DGAZ rolls from October to November) then 8% after that then another 6%. Triple those amounts and that's how much D will benefit each time. Early November we could easily see mid teens here or maybe higher. It went from 6 to 30 last year because of contango and the big drop in gas price
Winner winner chicken dinner!
Sold another quarter of my original position. Cut down to half my account in this play today.
Thanks bud. Hope you're still banking here. This and DWTI are my trades for the next few months. It's nice when oil and gas move differently it allows me to cycle through one with a heavy position then take profits and roll them into the other.
Now I'm about 75% DGAZ 25% DWTI. Probably keep at least 1/4 of my account in DGAZ til late fall.
Picked up a few at 96.5
I sold 1/4 of mine at 7.50. If gas hits 2.64 this week I'll sell another 1/4.
Idk man it could be close to falling through that 2.63-2.64 support level. The weather forecasts have gotten a good bit cooler and I think an important forecast revision for gas traders comes out Tuesday morning so today could be telling. I'm gonna sell maybe 1/3 of my DGAZ if ng tests that lower support this week.
But it could also bounce around between 2.64 and 2.76 for a couple weeks. Hard to tell.
Ng teetering at 2.70. Bring on the 2.60's.
97's here pre market. I don't see any recent clear resistance in the 43's for oil except maybe the 62% fib retrace level from the move from 46.3 to 39.3 which off the top of my head is maybe around mid 43's. If oil can't get above the high mark from yesterday that'll be a good buy signal for me to start my position again here.
Why are you still telling people to buy UWTI when you don't even understand how these two work? Did you know that these ETN's are in the middle of contract rollover and the underlying asset is in contango? Do you know what that means for U?
If you can explain the impact of contango on each Etn you might have room to tell people to buy one of them but I'm guessing you don't.
Yeah that's my thinking as well. Today was a pretty strong move so I'll wait. Rather be safe than sorry.
I'm still waiting to enter. Today was a strong move up on the OPEC production freeze bullshit that will never actually happen but for some reason the stupid market still takes seriously.
I think anything under $100 is a good entry for longer term BUT with this strong a move we could see even better prices tomorrow.
Ok Vxx I dumped my calls now you can rally. Smh
Looks like typical algo buying on oil. very controlled move upward.
With the large contango between the October-November contracts and also the November-December contracts we could see well over $10 on DGAZ by November. Those two rollovers combined will give a 30%+ boost to DGAZ in the coming months on top of whatever price action we see to the downside.
Well I guess their folly is our gain. It'll be nice to get in here under 100 pretty soon. All my funds are tied up in DGAZ right now and the timing has been good to me so far. Probably take some profit over there and start loading here shortly.
http://m.investing.com/news/commodities-news/oil-jumps-1-on-new-calls-to-freeze-output-but-doubts-remain-419034 I can't believe the stupid market is falling for this crap again.
Down about 1% this evening (Natgas). Thankful to be all in here.