Playing a multiple bottom. Energy has been trading down while the rest of the market has been setting new highs leading me to believe this sector has been overlooked. Usually Id wait for price to break the 50EMA but with the multiple bottoms showing a strong support level, I believe entering now before the bullish EMA cross over is not that big of a risk.
@Brotank77, Are your market calls usually this bad?
Brotank77
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@Gamblerman, Kicking a man while he is down lol. I admit this was a bad call. Not usually this bad at calling it. But i broke my rules and was trying to take advantage of the lows.
Gamblerman
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@Brotank77, It happens to all of us. I didn't risk much. So it wasn't a big deal. Next time to avoid grief look at the put/call ratio. Too bad I didn't see the opposite opportunity with ERY or buy puts with ERX. Both ETFs have lousy volume and open interest, however.
Brotank77
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@Gamblerman, Always another opportunity in the market. Happy trading.
aeriejohn
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Multiple bottoms? It looks like to me we just made a new low the other day. We had a bounce today but after hours oil is down AGAIN. The world is awash in oil right now. And supply chains are shut down. Air bus, many car lines and 95% of manufacturing is shut down in China. This in turn will shut down MFG in the US. I think oil is going a low lower. I dumped my oil related shares in early Jan. The only reason the stock market is making new highs is that they are printing money and buying stocks. I am waiting to see what unfolds as this virus spreads.