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
20,344 Blog Posts

HOPE SPRINGS! Trump Says Russians, Saudis to Cut Production by 10 Million Barrels Per Day

What a fucking hectic morning. I thought I’d awaken to a bleak landscape strewn with waste and chards of metal bustling through the easterly winds, instead I got an end to the pandemic and massive short squeeze in crude — propelled by incredulous statements out of Trump, alluding to the Saudis and Russians cutting production by as much as 10 million barrels per day.

The result was sharply higher crude, and even higher oil stocks. I missed this trade by a day, having sold out of my MUR and HAL just the other day. I went into today HEAVILY long virus plays, which all looked great yesterday, but absolutely dreadful today.

Luckily, I covered my shorts early and also had some NUGT. This is what I booked today, thus far.

AMPE +9%
APRN +10.6%
SOXS +8.7%
FAZ +4.6%
LAKE +2%
(NBY -13.8%)
(BIMI -4.7%)
(AHPI -7.4%)
DYNT – wash
MEDS – wash

I also chased oil stocks here, admittedly. You don’t get to see a 40% move in crude everyday. Right now WTI is OFF THE HIGHS, but still +22%. Buying after 20% moves is dangerous, but I sense that this could be a key moment for the space. Maybe I’m wrong, maybe not. We’ll see.

I’m getting FLOGGED on FRO — because a supply cut means less tanker volume. I’m not too sure about that, but again — we will see.

At the end of the day, in an attempt to bring normalcy to my holdings, I’ve been buying consumer staples that pay dividends and trying to trade around it. I could end up looking like an absolute clown today, or a champion. I am experienced and humble enough to tell you this is not investing, more akin to gambling.

Nevertheless, in the big scope of things, higher crude is good for every facet of the economy now. It helps the junk bond market, the banks, employments, and offers a semblance of inflation — which is why gold is doing so well.

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47 comments

  1. numbersgame

    I think Trump is lying. The silence from Russia and Saudi is deafening.

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    • narcist

      Whatever his intentions, most rigs in TX and ND will remain shut (at sub-$40 a barrel) despite his efforts.

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      • narcist

        It will be a real shocker if things stay the way they currently are and he loses TX in November. (The loss can be permanent and Big Bad John noted the real problem out loud a while ago.)

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        • numbersgame

          He’ll win Texas, unless the 2nd wave of the virus comes early (before October) and has a southern epicenter.

          Heck, I bet even now Trumpers are blaming the US COVID-19 super spike on liberals that dared to travel outside the country and allowed for’ners into our great land.

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  2. wolfdaddy

    Poof. Portnoys BA gains gone. He will zero out that account within 6 months

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  3. Mr. Cain Thaler

    In so far as both Saudi Arabia and Russia have clear national interests in stemming the blood letting to keep their budgets alive, sure I guess I might believe this. But it’s not the biggest problem we have right now.

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    • numbersgame

      To be clear, they might cut a little bit, but it’s kind of like the trade war: why take the pain and then give up when you have your opponent (in this case, US shale oil) on the ropes?

      If Russia wanted to back down, they should have done so a week or two ago.

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  4. Po Pimp

    Hahahahaha… anyone believes a word of dotard’s bullshit deserves to lose their money.

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  5. Po Pimp

    It’s not like we’re back to $60 crude or anything. It’s still 25 fucking bucks. Companies will still go bankrupt left, right and center at these prices.

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  6. narcist

    Brian Kemp finally announced statewide lockdown. I’m never tired of his exaggerated Southern drawl.

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  7. peaches

    bitcoin wtf

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  8. ericbakerbruce

    Captains log. Day 16. All the morons on iBankCoin remain clueless.

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    • narcist

      A bit rich coming from the low IQ resident Klansman.

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      • ericbakerbruce

        says the guy that dresses up in ballet outfits…

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        • narcist

          Get THE FUCK outta here with that gay shit all damn day. I know you jack off to Rick Santorum’s pics every 4 hours.

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          • ericbakerbruce

            nice melt down there Clay Aiken

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          • narcist

            I had to look up what a Clay Aiken is until I remember he belongs to the early 2000s.

            You are fabulously AIDS level gay.

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          • heckler

            Weed gummies boys – it helps take the edge off

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          • narcist

            Weed man literally self-quarantined for potential COVID. FML right.

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  9. Mr. Cain Thaler
    Mr. Cain Thaler

    Timber

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    • narcist

      Today’s moves have been strangely orderly. Very good for scalping.

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  10. snoozemr

    hopefully not timber. i’ve played UDOW off of DOW 21,000 3 times today. Hopefully didn’t go to the well one times too many right here.

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  11. og

    Surprise. Saudi officials say Trump’s talk of 10 million barrels a day or above was an exaggeration.

    Amazed people still believe anything coming out of his mouth.

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    • narcist

      Well, this is America. Being from Dixieland, I’m never amazed.

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      • heckler

        Bullish discouragement plus one lying orange-faced pony soldier. Anyway nice rally bulls real fucking impressive!

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    • ericbakerbruce

      but you should always believe what comes out of a muslims mouth.

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  12. Orson

    SA just commented that they don’t know what countries the Donald had in mind regarding production cuts. Furthermore, the spokesman went on to say the that 6M would be at the top.

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