For a quick trade, I picked up $COP Jan calls.
As discussed in After Hours with Option Addict, I am looking for a move to $50-$51 in that time frame.
I am also long /CL here at $36.60.
More later,
OA
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You bought the exact low in crude? Wow, excellent entry.
Bought .60, stop at .40
dam, stop RIGHT at the lows of the day so far.
That’s a good place to put the stop, no?
that’s what i’m saying. By definition, that’s literally the perfect spot. Can’t get better than that.
maybe some back and forth rest of this week and then hoping your thesis of a push higher next week takes place.
lol…why even post that comment if the intention is to set a stop at the low?
WOW…RIGHT at the low. WHAT a STOP! If the low of the day is touched again, you MIGHT.GET.STOPPED!
That picture looks like someone I know, former blogger.
say it ain’t so
I thought it was Chris Christie
Overall inv up
Cushing up
Production up
Gas up
Distillate up
Imports up
And still oil trades above 36.50. Looking for the short opportunity to occur tomorrow. Then add on follow through first week of new year.
It’s the first of the month print that counts.
We’re going to see $20s eventually, if only for a short period of time. The supply glut is beyond bad. December is usually the strongest month for inventory drawdrowns out of the year.
No longer thinking $60 oil?
Nope. It should have gotten there a couple months back when it rallied hard.
I take that back. It could see $60 in 2016 if WW3 commences in earnest. War is the only positive catalyst it really has at the moment.
Should we be concerned of this though? If you called for $60 in the mid-40’s, then 20 in the mid-30’s…isn’t that Gartman-esque?
I’m pretty sure crude rallied hard after I said $60, like 20 or 25%. So I wouldn’t really call that Gartmanesque. When he calls for something it usually starts the other way immediately.
I don’t know man, I was browsing the archives. Too funny.
I’m with you here on the energy trade. Positioned into XLE calls and a few trash energy stocks, DNR, BWEN, etc… still a small % of account.
Bought next week NFLX 122s and UA Jan 84s