The Beatles understood a few things about the market (that
is to say, crowd behavior!).
is to say, crowd behavior!).
We're likely to see new highs in all global indexes before
the summer ends. The ascent to new highs will not occur in a straight
line. We should be grateful for each dip along the way. Those of us
who enjoy driving know that roads with the most 'twists and turns, dips and
rises' lead to the best summits.
the summer ends. The ascent to new highs will not occur in a straight
line. We should be grateful for each dip along the way. Those of us
who enjoy driving know that roads with the most 'twists and turns, dips and
rises' lead to the best summits.
My buy limit order for a little BTE was triggered today at $5.
ReplyDeletePlaced buy limits for a little of HLX at $6.80 and $6.20. Reloading my oil positions gradually as the prices get better and better. Can't make profits down the road when oil rises above $70 if I don't reload on large pullbacks, like the one we are having over the last 6 weeks. That's a pretty long pullback, actually, if the oil is meant to be in a new bull market...
Placed a sell limit order at $5.50 for the shares of BTE I picked up today at $5, and at $6 for the shares I picked up on Friday at $5.20. Just in case oil makes a temporary rebound during its continued slide...
ReplyDeleteWaiting for new highs in the market to unload the ORCL shares that recently vested for me...
ReplyDeleteAlso, in case the oil slide continues for some time, I decided to take my profits on NDP now (at $15.17 for the shares I purchased at $13.06), since it is still basically trading at its post-Feb highs and the recent decline in oil is not reflected in it at all. If it starts getting reflected, all my profit can evaporate quickly...
ReplyDeleteAlso, just sold at $30.15 the shares of SLX I purchased a month ago at $26.80, since SLX still has not reflected the recent drop in all commodities. Would rather buy it on the way up. Placed a buy stop on SLX at $31/$31.1.
ReplyDeleteNice trades David.
ReplyDeleteGot lucky on those. Did not get lucky on MTL, though -- still holding it with the average cost of around $1.90. As soon as I bought it, it decided to deviate from its 1-year large correlation with SLX (which persisted until April) and did not make new highs when SLX made them last week. Don't know WTF is going on...
DeleteIt's been a while so not to sure about the exact price but bought back the last shares I sold just now for 18.37.
ReplyDeleteAre we playing name that ticker?
DeleteBought back into UWTI again at $20.6. I know its a POS etf but I'm trying to time the turn right. If I get it, it rips 50% in a few days. I think we will see a 2-3 day rally right back up to $50 when people least expect it. If oil is so bearish then why are PBR/CHK/FCX all rallying like crazy? I may be wrong but this is a good entry point at the bottom of this wedge pattern as the risk/reward is as low as it gets with these 3x ETFs
ReplyDeleteMy plan is to add more if it gets back down to today's lows.
DeleteI like it. Might join you.
DeleteEXAS
ReplyDeleteInstead of breaking below the July 20 low, SLX decided to break out to new highs, triggering my buy stop along the way at $31. Fine with me -- there is an obvious place to place a stop for this position (just below the July 20 low), which I just did. The chart is looking good once again, and so it makes sense to be in it once again.
ReplyDeleteDecided to sell flat the POT calls I purchased a few months ago, since POT is making lower highs. Besides, there is no clear reason for fertilizers to go up in the new future, and so I would rather use that money in the oil space.
ReplyDeleteShould I cash in AAPL here?
ReplyDeleteKeeping an eye on my old friend TWTR tomorrow.
I completely forgot about the oil inventory report today. Sitting on a nice loss in UWTI and debating what to do. Had I paid more attention I would have been out before.
ReplyDeleteRead a nice report yesterday from an oil hedge fund, which explained that the longer oil stays at $40, the larger supply deficit we'll have over the next two years, and hence the higher the prices will go over the medium term. So a diversified position in good oil companies that can survive for two years at $40 oil is a good thing to build now. With that in mind, just bought some shares of ECA at 7.69.
ReplyDeleteAlso, placed a buy limit order to buy more BTE at $4.40. Their first load of debt is due in 2021 -- plenty of time for oil to recover.
DeleteWow. Glad I sold UWTI. Still took a nice hit from that forsaken thing. UGAZ was the play I guess. I grabbed some PGH at $1.47-1.48 and also bought SWN at $14.36
ReplyDeleteLooks like BTE has bottomed for the day, so I raised my limit order and bought some at $4.45.
ReplyDeletePlaced a sell limit at $5 for BTE I just bought today and also placed another buy limit at $4.00
ReplyDeleteLooks like too many people were long oil, and they need to be shaken off before the uptrend can resume.
ReplyDeleteTook my amazon off
ReplyDeleteSold AH at $765
DeleteSaut bullish - think he is right and we move into the next phase of the bull market (finally). Have mainly just been sitting on the stocks I think do well as the market moves forward, but think I will be move active in trading as the market moves upwards:
ReplyDeleteToo many pundits continue to focus on the past – the range-bound market for the past nearly two years – or the present – valuations are too high – despite the message of the market. That message is – we have broken out to the upside of a two-year consolidation – that produces a technical price target for the S&P 500 of over 2300. Meanwhile, the Wilshire 5000 (the broadest index) has tagged a new all-time high, both the NYSE Advance/Decline Line and the Operating Companies Only A/D Line (eliminates interest sensitive funds/ETFs, etc.) have traveled to new highs, new highs over new lows are expanding, earnings and economic data are coming in better than expected (chart 3), and the list goes on.
I am glad I got out of fertilizers a couple of days ago! That investor friend of mine did warn me that NG is a major input to fertilizer companies, which was one of the reasons why I quit fertilizers...
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