WTI is off by another 1.5% this morning and dropping fast. There are desperate reports that Saudi Arabia is seeking to convince OPEC to freeze production, in order to boost the value of soon to come public Saudi Aramco. However, the Iranians aren’t onboard and generally tell the Sauds to fuck themselves.
I wouldn’t trade anything ahead of tomorrow’s jobs report. Keep an eye on over leveraged garbage stocks for a barometer of the oil sector: WLL, CLR, CHK, OAS.
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I hear that Harrelson and Mcconaughey are coming back to make a season 3. They want to know to find out what the fack happened to season 2.
Me since November:
1. wait till it drops below $42
2. start watching price action
3. buy as close to the bottom, typically ~39$,
4. watch it rise
5. sell at 45-48$
6. ????????
7. Profit.
Rinse and repeat.