iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,419 Blog Posts

Another Oil Buy

It goes against everything I hold dear: logic and reason, which is why I am doing the opposite and buying it.

I added to my SLCA position. I have ear marked some money for a final purchase. God willing, our Saudi overlords will grant us respite.

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40 comments

  1. bruce keller

    Didn’t it break under the Feb 7 support just a little bit ago though? It was $10 in 2012. Good luck, I don’t know much about energy anyways. 🙂

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  2. juice

    Costanza stock trading is making a comeback!

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  3. gorby

    I demand more bananas

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  4. the shiek

    It does feel like throwing piles of money in a fireplace…I start missing the pain and throw in more.

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  5. the shiek

    The Saudis had to do this, they couldn’t let us turn in to a country of Tesla driving, solar panelled gorillas….and so the banana gets peeled.

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  6. bart smith

    Sand is free in Saudi Arabia

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  7. the shiek

    But the shipping is highway robbery

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  8. budh

    Oil tanker rentals– need places to store the stuff.

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  9. fifty2weekhi

    Logic and reason were what I used when I shorted ebay during the dot com era. Good luck.

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  10. gorby

    Bought some $PGH yesterday. They
    are hedged for a year and have new
    low cost oil coming on.We’ll see.

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  11. hockey guy

    while keeps sliding the cdn oil stocks are mostly higher today after a nice bounce yesterday. interesting divergence? they are already very cheap, but not following oil down further , right now.

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  12. hockey guy

    while oil keeps sliding

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  13. gnat

    Sorry Boss, but doing the opposite isn’t going to work this time.
    Because though oil isn’t going to zero, a lot of E&P and related stuff might be.
    Witness coal, iron ore, and dry bulk shipping. People have been calling bottoms on this crap for years to no avail.
    SLCA is in better shape than their customers, but still to be avoided I think.

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  14. rangersfan

    Bought $POST , Dr. mentioned this in one of his previous posts. Defensive play.

    Bought $FUEL , b/c the machines think this is an energy stock right ! Bullish on digital advertising going into next year.

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  15. smartestone

    TMF up another $2 booyeah

    should have held your TLT, fly

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  16. smartestone

    and just like clockwork they yank the rug

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    • Trent J

      It’s cool I just loaded up on Index Puts of all kinds, they’ll ramp it back up into my face soon I’m sure.

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  17. fryguy15

    Fly – Why not just short $SCO?

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  18. the shiek

    Energy bouncing now…Thank you God

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  19. deng go there

    You are insane!

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  20. shawnji

    Who’ve SCLA signed their supply agreements with? Capital gets cut and wells don’t get drilled and frac sand doesn’t get bought. I’m scared…

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  21. bart smith

    why not buy EMES and at least get an 11% yield until they cut it.

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  22. ffs

    I hate you so much…

    Bought a little more…really wish I could resist & just punch myself in the face instead.

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  23. smartestone

    It costs the Saudis $2 to produce a barrel of oil . think about it: they were still as rich as fuck in 1999

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  24. frazzledazzle

    wait until it touches 18

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  25. vampyr

    I’m disappointed in myself. I very much underestimated the fear of Vlad. But then I usually don’t fear what is out of my control; at least not for long after the initial fright.

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    • vampyr

      Oh, it’s definitely a personal shortcoming. I go to ground when perhaps I should think more strategically and move accordingly.

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