It’s the only sector not up huge — bogged down by annoyingly terrible fundamentals and a looming specter of the entire industry going way of the dinosaur, as EV takes hold and dominates the headlines. Plus, Biden has quite specifically pointed out that he hated oils guts and wants all rig workers on the dole. Which, in my opinions, makes oil a fine prospect for investment.
Whenever something is too obvious — I find the opposite to occur. We have a situation where the global economy might start to boom soon and guess what? OIL SUPPLY IS LOW due to Saudi + cuts. Should we manage to get back to 2019 economic activity, one could make a strong argument for $75+ oil. Plus, with Biden and his men back into the Middled East, it’s only a matter of time before ISIS magically pops up and starts taking large swaths of land again — declaring independence and taking the oil.
I missed last night’s AH’s breast cancer play in Exodus: IMMP. Ragin Cajun fucking nailed that one and several members stepped in and bought it too. Sadly, yours truly is only up 0.55% this morning, in an otherwise pointless existence on this spinning water ball. I’ll try to up the risk soon and see if I could triple those gains by the close.
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With bond holding up this afternoon following the strong bond auction, wouldn’t be surprised to see this strength in Russell turn to selling by the end of day.
A wee stress for early tax loss sellers in the energy sector. Should have been the perfect year for it, sell early in September to miss the rush, hoo haw.
Bought 1,000’s of ERX may and Jul 2021 calls when it was in the gutter at $8. Most obvious trade ever.