jmyers1165

New Secular Bull Market in Oil

Long
NYSE:AMPY   Amplify Energy Corp
Initial purchase price 59,600 shares at 1.60 January 8th 2021.

After the oil markets imploded during the Covid panic and went negative for the first time in history the market consolidated and formed a bottom which created an opportunity to buy production companies which move first and fastest in a recovery. Russia and Opec have worked together to curb production, really curb it instead of bull shit like normal and lack of investment in the sector has seen a dramatic decrease in US production. Setting up a potential multi-year bull market. The sector is still hated and underinvested in. Initial phase of the recover, continue building position.
Trade active: Markets look like they are beginning a correction or short term sell off. Looking to build larger position in this sector as it consolidates. Look to buy more AMPY around 1.60/1.75 if market breaks. Expect the commodity and oil stocks to show more strength as sector rotation from tech to commodity stocks take place over the next several months.