Prices have gone up since June on geo political tensions between Iran and US, OPEC curbing production, and Just this week worries about tropical storm barry (possibly hurricane barry) making landfall in Louisiana. To some it looks as if we hit the bottom and are going to make a new high for the year. Before you go long, let me offer some contrarian points to give...
Charts signal a one or two day drop in oil prices. Going all or nothing on USO weekly $12 puts, only 20 contracts though.
Will flip the puts by COB tomorrow, win or lose.
Note: This is a quick flip, it may have another leg up long term. Depends on Iran, though I think both Iran and Trump are all talk with no balls.
No options highly liquid underlyings announcing earnings this week.
One word ... . Well, maybe two: "Weak sauce," with ranks in the low quarter of their 52-week ranges and background implied at sub-20 across the board.
SECTOR EXCHANGE-TRADED FUNDS
Top 5 By Rank: GLD...
Good day folks,
I think we could see a bounce in the oil futures. Attacks on tanker, G20 summit, OPEC, etc. this could move the market in the short term.
The VI is rising and so is the RSI.
My target is 12.00, then we'll see.
Over the past month especially, crude has fallen into a bear market. Most of this bearish reasoning is coming from the U.S. EIA reports which is showing a large amount of undocumented crude which has resulted in a very swollen crude storage inventory, mostly all in PADD 3 (Gulf Coast.) There is strong reasoning to believe that this undocumented crude is actually...
This is one ballsy idea, however it's definitely one of the options and would nicely backtest broken trendline. Lets see how this unfolds, but this is something I will definitely keep back in my mind with all that bearish bias around.
Today the middle of my chop zone will be 53 and the top of the range is 53.85 and the bottom is 52.30.
Trading above this range will target 54.28 and trading below target 51.50
would be fun to see this trend but have a feeling we will stay pretty close to the trading range today
We have a couple big events and meetings happening this month. Oil is likely going to return to neutral before its next move.
Short term bullish pump into Catalytic events
G20 June 28th through 29, 2019 Osaka, Japan
OPEC Meeting June 26, 2019
Today looks like a 54 to 56 trading range could be the play so will look to trade back and forth if we remain in this consolidation. A break below will have me hold shorts from above if the signals are bearish, and a break above 56 I will hold the long from below if the signals are bullish. So summary is 54 to 56 I will short the top of this range and long the...
As the global economy continues to slow, and as global macro headline risks become more prevalent, oil has been the one asset that has felt the brunt of these developments.
After suffering its worst week on record, loosing over 6%, oil is experiencing quite a bit of bearish activity. On technical level, oil is trading below both its 10-Day and 50-Day EMAs for the...
Today after a big down move yesterday will be looking to see if oil is just going to consolidate sideways, will be watchful for any impulsive moves out of the area set out and then take a long or short based on how the market performs, will update as the info flows in