About a month ago I made a bearish call against the dollar here, which ought to lend a helping hand to commodities and commodity equities. This is why I took a position in $WEAT, as well as $X and $FCX a couple weeks ago.
Oil is back above my key balance area after a false breakout, and false breakdown. I know Cashin mentioned $30.40, but mine’s a bit higher here at $31.40. Above this level, equities down is a tough bet.
As for banks, $GS has a September-like set-up developing that makes it interesting here as another indicator. It swept its lows today, but has been climbing back pretty strong off the open, while everything else consolidates down.
I’m still long from this morning, ES at 1869, but a $GS long down here is appealing. I may take this prior to the close.
More later,
OA
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Will short MOAR at 34.50. TBT will not stand idly by on a legitimate sustained rally above 34.00
Are you cutting your $SCO position or holding overnight?
Holding SCO. Next buy will be 152.50.
Interesting to see AAPL assume a leadership role here…
That was the stock that stood out the most at the open. By a long shot.
Bullish On oil this means?
The equities, yes.
One of my predictions this year was that the commodity space as well as the equities would have a great leg up at the beginning of the year and into spring, and after that would die down. One good rally in those stocks this year and its already underway.
Are you looking at these for trades or long term ? Because to me it looks a bit like a suckers rally and some 10% downside in many big names… GS especially. 138-142 would be my long target. Amazing job crushing the trades though. Bravo man
Everything as trades. If I am hunting something longer term, I’ll indicate that in the text.
Missed yet another sell of DGAZ at 17.75. Thought I could watch the market. Too fast. Sell orderror is in at 17.50 and I expect the algos to chomp it when inventories are announced tomorrow.
Slightly short oil.
TBT has awoken….. for a day.
KMI is angry.
Think GDX is exhausted here
Waiting for WYNN earnings.
Not selling GILD. ..
haha. WOW. GPRO. who would’ve known they can’t even hit already super duper low expectations. lol
gap up and go tomorrow would be splendid
HES…………..+9.07….and iBC buys NOV…..
$HES looks pretty good.
HES will be 50 before the blink of an eye but only if a state/company curtails production.
The problem is it only costs $10 to pull a Bbl out of shale so Big Oil can keep operating at a profit. The expensive deep wells will have to pump in any event due to loan/contractual obligations.
In other words there is no impetus to curtail production.
In this case oil longs will have to rely on an existential threat to the oil supply.
Did you buy any in the 30s?
OA
$GS is a very good idea, thank you.
What do you think about rebound of $M $CBS $MON
Sold some DGAZ at 17.29 to make room to add to DUST at 9.72.
Removed my buy order for SCO for 152.5
Wouldn’t be surprised to see a better short entry at equivalent of 34.50 – 35 per barrel
I’m holding $SCO from $170, you wouldn’t cut?
This market sux. Bulls have no fight
Fcx going bananas!!
FCX – and you were .13 from being stopped out. good call and well played, sir!
Who finishes higher today, X or GPRO?
Sold FCX $5 calls for 5 bagger — bidding lower for March calls on belief we push back to low 5’s before sprinting higher.
Added to TSLA next week’s 200 calls @ 1.6