Potential rally breakout IHS in crude. Normally don't like IHS patterns but this one looks legitimate.
ERF has had a large run up relative to other companies in it's industry. There is a large wick with large volume, this is a sell signal to me. I'd pair this short off with some long XOP but either way I believe it should work.
XLE is slowly making its way towards a very interesting weekly support zone - 60-62$ Notice that this price zone is the 61.8 Fibonacci level from 2009 low and from 2016. Also notice that it is the neckline of a weekly H&S pattern. If it will break, XLE can fall to 55$ and maybe even 50$ If it will hold as support, the extremely bullish scenario is that it will...
There are three if/else statements with this trade. If price fills the gap set on December 2nd and shows signs of buying, go long. Else, stay flat and wait. If price reaches purple region as indicated in chart, go short. Else, stay flat. If price reaches "Buy Here" level, buy there. - Odds are we will see some action in this trade as long as price does...
Going long on USOIL by using GUSH. USOIL just completed a 3 drive to a bottom pattern. We can expect a turn here. Panic selling this morning is tough to go long into but the rewards should be there. Set a stop just below $43.
Two harmonic patterns have been complited.
Long XLE .... positive RSI divergence
Premium Selling For the umpteenth week in a row, there is little in the market for high quality premium selling plays. Screening for 52-week >70 implied volatility rank, you'll basically get one quality hit at the moment, and that is COST, which has dipped significantly on AMZN/WFM merger news. A few names are approaching that 70 mark, but they have earnings...
I went long on 2 light sweet crude oil futures last night at $44.30. Now $44.81. Good support in the low $44 area. This morning I will enter a position in ERX and a smaller position in GUSH in my 401k. See also chartwatchers idea on this.
With IVR at 26 sold the Iron condor 70/73/66/62.5 on XLE with 37 Days to expiration The Trade: Short 70 Call Long 73 Call Short 66 Put Long 62.5 Put Credit = $1.11 55% probability of profit
* -- Poor Man's Covered Call. One of the few sectors that hasn't benefited from the post- November election run-up is XLE, so I'm looking to get into a bullish play here where price of the underlying is comparatively low. Here, I'm basically looking to emulate a full-on covered call using a deep in the money call in September to stand in for stock, 100 shares of...
With this quarter's earnings season all but over and with VIX trundling along at sub-10 levels, there is a paucity of high implied volatility plays in the market for premium selling, so I'm looking at deploying something in either low volatility strategies (diagonals) or in directional plays that I've been eyeing. Screening for underlyings with greater than 70%...