OPEC agrees to limit oil production. Adding to energy stocks.

TVC:USOIL   CFDs on WTI Crude Oil
46 4 1
Oil             jumped 4% today on the news. The various charts check out, too.

Oil             is breaking out of a wedge and may continue towards its large inverse H&S target.

I'm adding to the three companies I already own.
Comment: The thing with news based events is, you never know who is pulling the strings behind the news. That's why you stick to chart action and trading discipline. You always define your risk and never (ok, rarely) hope & pray.

It a game where for every buyer there is a seller. You look for signs of accumulation and you try to trade on the side of the big boys who are many times more patient and prescient than you.
Trade closed manually: Sold CHK, AREX, and 75% of OAS. I didn't sell at the peak so only marginal gains. CHK and AREX haven't really run, maybe due to weak fundamentals.

- Bearish rising wedge on XLE
- Questionable fundamental outlook on oil remains
- Much better opportunity in precious metals
WPX: This position is modestly green so adding to it allows me to maintain a break-even stop. I've had it since Aug 18. Hoping there will be follow-through on the sector from today.

- Stop under today or yesterday.

AREX: This has been a losing position that I'm still holding. I'm adding to it today:

- Bounce off 50ma
- Oversold
- Stop under recent consolidation or 50ma


I bought this at 5.7, 7.7, 7.27, and sold it at 7.1 for a modest profit. I had, of course, wished I sold it at its peak. Today it looks ready to run again, I'm back in at 6.63.

- coming out of oversol stochastic
- good fundamental news for oil
- room to run on RSI
- bouncing off 50MA. Will likely stop out around 6.


I purchased this in early August. I have added to it 4 times since. I had profits, then it went down and I watched it all vanish. Today I added even more @ 10.36. It is the bulk of my IRA portfolio.

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