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If we bust through that 37.85 we might fill that gap.. But I'm thinking about holding...
39.65 fills the gap.. Well see.
Very good point.
U.S. stock index futures pointed to a flat to slightly higher opening Thursday after the European Central Bank kept rates unchanged and ahead of ECB President Mario Draghi's press conference.
Peter Boockvar, chief market analyst at The Lindsey Group, said while the decision was expected, U.S. futures were tracking European stocks higher ahead of Draghi's speech. "We know it will be dovish," he said.
Dow futures traded about 4 points higher after earlier falling 100 points in pre-market trade as concerns surrounding global growth, uncertainty in China and fresh lows in oil prices continued to grip markets.
The euro held near $1.09. Treasury yields traded lower, with the 2-year yield near 0.80 percent and the 10-year yield at 1.96 percent, as of 8:11 a.m. ET.
U.S. stocks were set to stabilize after the S&P 500 and Nasdaq composite closed Wednesday at levels not seen since 2014.
European stocks tried for slight gains Thursday. While no new major policy changes were expected from the ECB, markets will be looking for dovish signs from the central bank chief.
U.S. crude oil remained under pressure on Thursday after hitting fresh lows not seen since 2003 Wednesday, as markets anticipate that the persistent oversupply issues will continue to weigh on markets.
Early on Thursday, front-month West Texas Intermediate (WTI) crude was more than 1 percent lower below $28 a barrel, while internationally traded Brent also fell more than 1 percent to trade near $27.50 a barrel.
"While low oil prices have never provoked a U.S. recession, cheaper crude has not yet provided the expected boost to the U.S. consumer. Fears of a China hard landing have made global markets acutely sensitive to even minor policy changes or slight disappointments in markets and data. The correlation between the Shanghai and U.S. equity markets has soared, and the recent correction can be traced to a modest 1.5 percent devaluation of the Chinese yuan versus the U.S. dollar," said chief investment officer at UBS Wealth Management, Mark Haefele.
Oil company paying people to take it.. .
http://dailycaller.com/2016/01/19/oil-close-to-worthless-in-north-dakota-refineries-getting-paid-to-cart-it-away/
The oil market is so glutted in North Dakota that one refiner says it needs to be paid to take crude from oil companies.
Flint Hills Resources LLC claimed Friday it would pay -50 cents for a barrel of North Dakota Sour, which is high-sulfur grade crude oil, according to a post on the company’s website.
High-sulfur grade oil is typically priced at a lower rate than most crude because the high sulfur content can only be extracted using special equipment, a technique which contributes to the high transportation costs needed to get crude to consumers.
North Dakota is not the only state seeing basement-level, high-sulfur grade fuel prices.
According to Canada-based oil transporting, refining and storage company Plains All American Pipeline, there two other low-quality crude varieties seeing similarly low prices: Texas Sour and Oklahoma Sour saw their prices pegged by the company at $13.25 a barrel and $13.50 a barrel, respectively.
Flint Hills’ decision to get paid to take oil indicates that the oil market is falling down an abyss, and one that may not see a bottom any time soon. According to Bloomberg Business, oil price have tanked by more than 70 percent in less than 2 years, and by more than $30 a barrel in the past 3 months.
“Telling producers that they have to pay you to take away their oil certainly gives the producers a whole bunch of incentive to shut in their wells,” Andy Lipow, president of Lipow Oil Associates LLC in Houston, told reporters at Bloomberg Business.
Nearly 15,000 barrels a day of high-sulfur grade oil, called “sour” crude because of its relatively high sulfur count, is pumped from the ground in North Dakota, John Auers, executive vice president at Turner Mason & Co. in Dallas, told reporters.
“You don’t produce stuff that’s a negative number,” Auers added. “You shut in the well.”
Yet, sour crude is a relatively small slice of the state’s overall oil production, Auers notes. Oil companies have pumped 1.1 million barrels high quality low-sulfur grade crude from North Dakota’s Bakken shale formation over the past ten years.
Flint Hills’ decision to demand producers pay them for cheap oil comes after oil prices continue to spiral downward. Crude oil sold by the Organization of Petroleum Exporting Countries (OPEC) fell to$25.69 last week. Oil was selling for more than $100 per barrel in 2014.
The rock bottom oil prices are causing consternation among oil producers as well.
“We’re dying on the vine,” Skip Homeier, the president of oil company Bi-Petro Inc., an oil company running 150 oil wells in Illinois, told Wall Street Journal reporters last week. Oil in Bi-Petro’s region — Illinois — has cratered below $30 in December.
“When oil was at a $30 to $35 barrel, I had more wells making money,” Homeier added. “Now, I have to look at oil down to $23 a barrel.”
You might still have some time...
I'm think about getting some "pre" Ery.. for a trade and flip..
But on average that never seems to work for me.. LOL
http://www.usatoday.com/story/news/2016/01/20/texas-oil-prices-boomtowns-crash/79086400/
Common Sense is as you say...
The bulls yesterday liked China numbers.. but can that last?
ERY pre is
Bid
45.00
Ask
46.35
Yesterday close was $44.36
I'm now out of ERY and only in small amounts ERX averaging if I must for awhile.. but treading lightly.
Q's:
Do you believe oil will stay low? Not one person I know says yes.
Do I think oil can go lower? yes..
Do I think the market has bottomed? NO
Do I think Iran supply continues to harm Oil Companies? YEs
Do I think the first Q earnings are going to pound all Oil stocks like in this ETF? yes
I recently got out of ERY after entering in June 2015.. So I had a great year.. But be careful here for the next couple months.. Lucky the swings have been large and guessing has been pretty good.
That upper Gap on ERX IMO will fill.. just when?
Pro..
I believe if you buy a little now.. and keep buying month after month.. for a year or so.. you can be a winner. It's hard to know timing.
Fracking is bad right now.. earning will be reported soon.. After that might be the time to start averaging in..
I did pop it on a flip..
Well your timing was good.. I popped it and now up 6.5% on that trade.. thinking about cashing out..
amazing... reloaded in a dip around 38.. but just sold again
We did gap this morning.. Gaps have been filling.. IMO yes we see a bounce..
At some point.. that 22.60 will fill..
When? Take any guess.
Shale patch about to lose oil output equivalent to OPEC member
By DAN MURTAUGH on 1/12/2016
WASHINGTON, D.C. (Bloomberg) -- Oil bulls suffering with the lowest prices since 2003 got a glimmer of hope as the government said the U.S. shale patch will lose as much output as an OPEC member. Unfortunately, it’s one of the small ones.
Volume from the seven major shale regions in the U.S. will drop by 116,000 bopd in February, contributing to a drop of about 640,000 bopd since the end of last March, according to the U.S. Energy Information Administration. That’s more oil than either Ecuador or Libya produced last year on average.
“We’re really starting to hit the steepest part of the decline curve,” said Christopher Kopczynski, a senior analyst for Wood Mackenzie Ltd. in Houston. “There’s a lot more that the U.S. will contribute to bringing barrels off the market.”
Shale production has dropped as crude prices collapsed amid a global supply glut, causing drilling companies to idle 64% of the oil rigs that were in service a year ago. West Texas Intermediate crude, the U.S. benchmark, fell $1.75 to $31.41 Monday on the New York Mercantile Exchange, the lowest settlement since Dec. 5, 2003.
The biggest projected decline is in the Eagle Ford in south Texas, where output is expected to drop 72,000 bopd to 1.15 MMbopd, according to the EIA. The Bakken in North Dakota will lose 24,000 bopd to 1.1 MMbopd. The Permian basin in west Texas will boost production to 2.04 MMbopd.
Kopczynski said U.S. production will fall by another 500,000 bopd as output from existing wells declines and fewer new wells come online to replace it. The biggest declines happen soon after a well is tapped, though, so by the end of this summer the production curve should flatten out, and the U.S. could begin to increase production in 2017 even with a low rig count, he said.
No way!
love it... I sold at 32.47 and still playing gaps..
bought a little ERX at 20.50
gap needs to fill.. but we broke resistance.. so who knows?? ery might go 45+ to fill that gap.. If we drop below $30 again I might reload...
Wham... Da 32
Only Iran and Saudi war will drive this one down IMO..
I don't think we've seen the bottom of this market.. Do you?
I do see why $32.xx though..
what do you think? up or down from here?
It is disappointing that Frank did not keep records.. And good hope the new management will get this company on the right path.
Letter to Sitestar Shareholders from Steven Kiel
Lynchburg, VA. — December 29, 2015 — Sitestar Corporation (OTCQB: SYTE) (“Sitestar” or the “Company”) a provider of consumer and business-grade Internet access, wholesale managed modem services for downstream ISPs and Web hosting and value-added products and service, and real estate investment entity today announced the following:
To the Shareholders of Sitestar:
On December 3, 2015, Sitestar’s auditor presented information to the board regarding several related party transactions involving former CEO Frank Erhartic. The auditor had previously requested documentation from Sitestar’s management to justify these transactions. Sitestar’s management had not provided the necessary documentation to the auditor and had not notified the independent directors that this request existed.
The four independent directors were highly concerned about this lack of disclosure to the board. We held a special board meeting on December 14, 2015 to discuss these matters and to allow management to provide an explanation. Unfortunately, at that meeting, management did not adequately answer questions posed by directors.
This led the board to lose faith in the ability of Frank Erhartic to carry out his duties as president and CEO. At the conclusion of this meeting, Frank was asked to resign from his management role and from the board. He agreed to resign as a director, but refused to resign as president and CEO. Accordingly, the majority of directors voted to terminate him for cause. The board then appointed me as president and CEO on an interim basis.
At the same meeting, the board of directors agreed to initiate an investigation in order to determine if the proper documentation exists to justify the related party transactions and to determine if any improprieties occurred. This investigation will be led by outside legal counsel. It may be some time until the investigation is complete, but we will disclose the results to you once we receive a final report.
Since the change in management on December 14, we have been reviewing every aspect of Sitestar’s operations. I ask for your patience as we determine the best way to move forward. I can promise that whatever decisions we make will be in the interest of long-term value creation and will be carried out with the highest ethical standards.
Over the last year we have received a lot of inquiries from our investors. I understand that the answers sent by management, if you received answers at all, were likely unsatisfying. As a portfolio manager, I often send similar inquiries to companies that I am invested in, and companies in which I am considering investing. I am thankful that so many of you reached out to Sitestar because it shows that intelligent investors have interest in the company. These are the type of investors we hope will own Sitestar over the long-term.
For those who are inclined to ask questions, I have a request. The next few months will require a great deal of work by management and the directors. We will have to make major decisions on the future of Sitestar. Those decisions will be based on information that we may not currently possess. This will require our sole focus. Additionally, I do not want to provide an active shareholder with information, though legal to share, that may give them an advantage over a passive shareholder who does not follow the company as closely.
I understand the need from an investing point of view to attempt to get an explanation from management or from a director. However, in the interest of both our focus and fairness to all shareholders, I have asked management and the other directors to refrain from answering these shareholder questions. I promise you two things on this subject: First, in our company’s communication to you via press releases, SEC filings, or other mechanisms, we will be as frank and clear spoken as possible. Second, we will hold a shareholder meeting in the first half of 2016. At that meeting we will answer every question presented to us from attendees.
Thank you for your support during this transitional period, and thank you for your commitment to Sitestar. I look forward to providing you with additional information as it becomes available.
Best regards,
Steven L. Kiel
It filled the gap a few minutes ago.. And this ETF has performed as expected.. which not many do as both the erx and ery.
Not sure when I will take a profit... but expect some sort of dead cat bounce on Erx..
I believe will fill that 30.42 gap today.. It almost filled the other day... reached 30.41
I still believe the market has not bottomed yet in energy stocks. Staying strong in ERY..
We gapped up today... confusion.
I believe we fill the lower gap at some point in the near future.
This is a sign the OPEC is achieving what they wanted.
North American Rig Count Change
-62.0%
http://www.wtrg.com/rotaryrigs.html
Another good article...
http://www.businessinsider.com.au/saudi-arabia-is-killing-the-russian-economy-in-its-fight-to-control-oil-prices-2015-12
I read every post you make..
Should go up here...
But maybe not a big as you may think..
"Speculation has already begun on when the next Fed rate hike will occur, but Yellen said she doesn’t expect equally spaced increases."
Oil at $100? 'Outrageous' forecasts for 2016
Oil rebounding to $100 a barrel by the end of 2016? A strong euro amid quantitative easing? These are just some of the "outrageous predictions" from Saxo Bank for 2016.
The Danish investment bank's 10 "unlikely, yet perhaps underappreciated" events that could have significant consequences on the financial landscape also include the Russian ruble rising 20 percent versus the US dollar/euro basket.
The bank also suggests a meltdown in global corporate bonds could be on the cards – a claim that is perhaps not so outlandish in light of the current scare in the U.S. junk bond market .
However, such a "meltdown" would only materialize if Federal Reserve Chair Janet Yellen opted for a series of aggressive rate hikes in late 2016, the report stresses. That could trigger a huge selloff in all major bond markets as yields start to rise. As it stands, the Fed is expected to very gradually increase interest rates.
Although tongue-in-cheek, the predictions have a serious message highlight events that could "turn your investment world upside down," Saxo Bank said.
Perhaps the most outlandish the bank's predictions is the suggestion that oil –currently trading below $40 a barrel– could rebound to $100 a barrel. Prices have fallen since June 2014, when a barrel fetched $114. LINK 103242311 Prices have fallen since June 2014, when a barrel fetched $114, in no small part due to OPEC's decision not to cut production, despite some poorer oil producers in the 12-member group asking for a cut to support prices.
Saxo Bank predicted oil could return to $100 in 2016 as "unease among weaker as well as wealthier members of the cartel over the supply-and-rule strategy continues to grow. The long-awaited sign of an accelerated slowdown in non-OPEC production finally begins to flicker. Suitably buoyed, OPEC catches the market on the hop with a downward adjustment in output. The price mounts a quick recovery with investors scrambling to re-enter the market to the long side - once again bringing $100/barrel prices onto the horizon."
Among Saxo Bank's "outrageous" currency calls, the investment bank predicted a strengthening, rather than weakening, euro despite the European Central Bank's ongoing 1 trillion euro stimulus program.
Steen Jakobsen, chief economist at Saxo Bank told CNBC Wednesday that the euro, currently trading at 1.09 against the dollar and having weakened against a backdrop of QE, could strengthen in 2016 to see one euro worth 1.23 dollars.
"Europe runs a current account surplus, they have a lower inflation differential than the U.S. that traditionally leads to a stronger currency, Jakobsen said. "I think Fed hikes lead to a weaker dollar – because the rest of the world has more U.S. dollars than the U.S. has. So when you increase the price of money, you have to take the price off the currency to create a new equilibrium. It's totally misunderstood and people don't get it right," Jakobsen said.
With a U.S. presidential election less than a year away, Saxo Bank predicted that the Democrats would retain the president and retake Congress in a 2016 "landslide."
.. View gallery
Oil at $100? 'Outrageous' forecasts for 20 …
Michael Krakowiak | Getty Images. Oil rebounding to $100 a barrel by the end of 2016? A strong euro? …
"The Republican Party goes from strength to dramatic weakness as the rifts from an internal struggle on its future direction play out. This leads to a landslide victory for the Democratic Party as they successfully execute a get-out-the-vote campaign with millennials coming out in droves having been frustrated by the political stalemate and weak job prospects of the last eight years," Saxo Bank predicted.
The 2016 Olympics in Brazil could "turbo-charge" a recovery in emerging markets (EM) led by Brazil, the bank predicted.
"Stabilization, investment spending on the Olympics, and modest reforms will see sentiment rebound in Brazil, with EM exports helped by cheaper local currencies. The result: EM equities to have a great year - outperforming bonds and other equities."
Emerging markets have taken a beating this year as investors fled EM assets ahead of an anticipated rate rise in the U.S.
Other predictions listed by Saxo Bank were for a 20 percent rise in the Russian ruble against the dollar amid a surge in oil demand and "renewed confidence" in silver, predicting the metal to rally 33 percent.
Lastly, the bank predicted an inflation surge caused by the weather phenomenon known as El Nino and Europe introducing a "basic universal income to ensure that all citizens can afford to meet their basic needs."
- By CNBC's Holly Ellyatt, follow her on Twitter @HollyEllyatt. Follow CNBC International on Twitter and Facebook.
http://finance.yahoo.com/news/oil-100-outrageous-forecasts-2016-090109356.html#
Triple bottom? Today 23.30
That gap will fill... When? Around $27
Some say a short squeeze could happen... But is it too early given Iran oil coming???
I took some ERY off the table... Business is slowing imo...
Filling the gaps have worked well here...
Amazing jump.. filled that gap but left a gap..
hummm??
yes.. the rig count is really dropping.. OPEC nearing achieving goal.. might be time to start buying this one again...
But I wish those ERY gaps would fill.. if they do yes jump in here.. IMO