Might be time for at least a little squeezy action in oil here, thanks to long time asshat analyst Dennis Gartman. Perfect pill to poison any move. I averaged some $UWTI just to help me get the hell out of dodge, if you know what I mean.
Anyhow, I have some great candidates lined up for next week. This week was a monster, as it required a lot of moves to bounce back from the pounding I took last week. A few of my favorite names I am looking at include: $MKTO, $DATA, $BLUE, $YRCW. I am also looking for a couple dash for trash candidates, and have about a half dozen names I want to buy into any weakness next week.
My blogging suffered a little this week as I was busy prepping the online conference all week. I appreciate those that attended and will reach out for any feedback you have to offer. Again, for my After Hours with Option Addict residents we will not be meeting later today, and Conference attendees, we’ll be meeting earlier than usual, at 4:30 PM ET.
Thanks all,
OA
If you enjoy the content at iBankCoin, please follow us on Twitter
That was a major stick save for Oil. I’m looking to get long but am going to wait until Monday. I’m still holding the last 1/2 of my Gold and will exit at B/E but the short dollar/long metals idea looks like it was a one day event.
Uncannily to trade today. After reviewing the action, I likely would have thrown some cash at UWTI to lower my average cost for my hedge.
Would likely exit around 3:00 and go into the weekend flat. Plenty o time to bank coin next week.
Not uncannily, unable. HMFP. Anyway, glad I wasn’t able to trade. Still flat. Gave up all gains from Mon-Weds.
Sold yinn this morning. Another great call by OA
I will have a 100% loss on TSN 43 Puts this afternoon. That’s a negative that I have earned.
these past couple of weeks have been frustrating. i have missed all the winning action for the most part. I scored a nice win with ANF calls today, but i had january’s instead of shorter term. So even my 300% win feels diluted vs. the 600-800% being had today. I can’t remember the last time i booked a winning trade though. sheesh.
Oil goes from looking like a reversal to a potential breakdown in a couple of hours…a total mind f*ck.
Seriously. Fok that POS.
So I’m crazy holding my $UWTI over the weekend?
We’re all a little crazy
I have a $6.86 average cost basis. I think we get a bounce next week, I’m holding.
Didn’t OA’s 1998 road map suggest that Oil bounced a few months after the averages? Sub $40 / Sub $2 gasoline oil is boon for consumers and perhaps an indirect form of QE.
“indirect form of QE” I said many months ago that this would end up being a blessing in disguise as we came off the QE. Totally agree.
Congrats on a monster week — get some sleep this weekend!
I have forgotten what it is like to have just out of the money options heading into expiration – pinching pennies
avg. down on TCK. Not trying to kill it just a bounce. Avg now at $4.88
Oil traders are like gold bugs and look at what gold has done the past few years.
And amateur oil traders don’t understand oil. Over cigars at the Yale Club they pontificate about bankruptcies, well shutdowns, mid-east tensions and a cold winter. That’s a hell of a lot that has to happen. Meanwhile Big Oil continues to bring high volume deep water rigs online and milking existing land wells for each drop.
When oil goes down it can keep going down and stay down longer than traders can hold losing positions.
I’ll know the bottom when everyone throws up their hands and sells out. That’s when I step in to pick up the pieces.
Yeah, but it’s a little more exciting than Facebook and in/out a mutual fund.
Oh, snap!
Funds are a hold. No commissions – no taxable events – no tax accountant. Wash – short sales are a thing of the past.
+3% on my purchase last Fri.
FB is a hold – $200 next year.
I want to develop an Entertainment Portfolio for next years big win.
I agree with all of this. Peeps are straight about entertainment wake to bake.
OA, Any thoughts on HZNP & TGT charts?
I took possession of another 100 shares of TBT via put sale at 46.00. Yeah, could have waited and bought on Thursday.
Fed, IMHO, is meeting Monday after coordinating over this weekend a plan for a .25 point hike with other CB’s. This coordination will be an attempt to neutralize any excessive cross border flows resulting from said hike. I believe the hike comes in December meeting. Also discussed may be the reaction to the Dec OPEC meeting and the effects of impending Oil bankruptcies in the US.
While I am positive on taking the add’l TBT, I believe we are range bound till the meeting. The November payrolls may create some volatility, however, I would be a seller of that volatility assuming the numbers are in line. An extremely positive number can push the 10yr/30yr back to 2.36/3.15
Still neutral on oil. Looking to trade around that neutrality next week until the 40 – 42 range breaks.
Rooting for Fly’s additional FCX buy as it will help my KMI and GDX. Looks like I need to sell calls and buy puts against my small WYNN position unless the Chinese come out with some moar stimulus this weekend.
My 2 cents after reviewing my portfolio …. on sale for a penny !!!!
KMI is 25% down from its 20 period moving average on a weekly chart. Nearly the exact percentage down on the weekly chart on 9/28. The result of 9/28? A 20% two week rip to the upside. I have always said the Algos are unimaginative.
My TBT & GDX charts look similar on a weekly timeframe with the slight edge given to TBT. Likely rates will move higher before Gold/miners recover.
Keep playing those sweet ranges in TNA as the weekly 20 period MA moves down to meet the upward 200 period MA. Tell me that shit ain’t setting up for the 2016 election.
A week here, a week there, but WYNN has consolidated about the same amount of time it did 5/25 – 8/10 on the weekly chart. That resulted only in a 50 – 60 % drop! Many are positioned for that 80 strike in December. Decent R/R. I am accumulating slowly. Waiting for Vegas to recover a bit and the Japanese to embrace gambling. Put those short skirted anime girls to work serving drinks! (sexist statement, i know. sorry female readers). The last two 11 – 12 week consolidations are sitting nicely on the 50 & 23.6 Fib levels. As I said above about the algos …. I believe in Steve.
I dump my portfolio holdings when they change abruptly from their Algorithmic patterns. This should be a fun few weeks.
Wow, gartman really double fisting oil longs from Friday’s mockery. Fml
Thanksgiving rally has been cancelled this year….fade any morning strength
Why?
SCO has broken above recent range in pre market. Gap & go a real possibility. Oil longs (speculators) I would measure the first bounce b4 attempting any trade. You want at least a 3% bounce.
Jan contact at 40.62 @ this post. Plenty of time for me to add to a short position. I went into the weekend neutral.
Nice rebound oil Bulls. But as we say in the oil patch it’s oily! I am neutral.
OVX up 6% big move coming.
What do you guys have as a target for $UWTI trade this week?
Hard to target. If UWTI can clear 7.65, look for 8.65
$XIV seems like a good spot for a year end rally play