I don't think it'll go down to $40. I feel $60 and then it'll start it's upward motion back to $70.
stoilpopov76
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lol
TomDen1
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I'm hoping it'll hit $70 and then start it's downward fall!!!
ktaba
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Great call! Do you think it might fill those smaller gaps at higher prices instead?
jacobdtaylorddag
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@ktaba, thanks! I've been watching XLE for some time, it was showing some exhaustion so I went through all the holdings and found the weakest one. I'm very bearish on the entire market, I'll keep this trade open till Thur-Friday and reassess.
ktaba
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@jacobdtaylorddag, cool! I am long on energy, DVN, FANG, SLB, HAL, OXY and APA, at a much smaller cost basis. So looking to add on major drawdowns. Was looking to add to DVN at $50. Do you really think it can fill that gap that far down to $41? Or maybe somewhere higher in between that and $50? Thanks!
jacobdtaylorddag
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$50 is my 1st profit taking target, I’ll cover and open put spreads for the potential gap fill
ktaba
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@jacobdtaylorddag I added to my already long position yesterday. Stay long!