Time to short crude oil soon? Following SCO
- Thread starter KCalhoun
- Start date
Given it's option expiry day and the corrective move seemed overdone but unclear short term, I'm waiting this out for now ( only have one Oil stock and two Nat Gas stocks, all had huge Q4 earnings ). I sold off 4-5 positions over the last week or so including two in the nice window yesterday morning before shit hit the fan. Stocks didn't really fall enough to register as "bargains" yet, but that may be indicative that the Oil story later this year might still be bullish ( some economic forecasts are saying as much ). I'd like to see the range the stocks are going to trade it's really up in the air now short term.
Nat Gas is interesting it moves quickly in either direction and often gathers strength when Oil drops. It's not seasonal at the moment but there are opinions it'll do really well this fall, and the underlying Cdn stocks had massive Q4s.
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We still have some work to do on the downside to break down this strong uptrend we've been in since May of 2020. If you're trading crude, you're trading the stock market. OPEC + still has a say in the matter as well. The retracements we've seen in the S&P 500 have followed neatly with the strong trend line there as well.
Maybe in general yes but in terms of TSX energy stocks it's a far more dynamic situation especially since late October.
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I did something like that today;
Bear x 2 =SDS/LOL,true.
My inverse x3 tech is looking good for the day/but was not quite profitable early today. I almost bought splv again but i dont want to make a habit in that ..............................................
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I had planned on swing trading sds;
but i did enter an order for $11.17 so it turmed into a profitable daytrade.
Entered in sqqq,spxu + qld.TECS before close.
Considered buying dxd or sdow, but my ddm looks to strong. TZA is strong again but i do better with qqq/sqqq,tqqq,qld,tecs [+TECL,of which i have none]
seems like a good near term play. But, will OPEC + play this game? Russia hates Biden and Saudi not a big fan of USA in general, so I doubt they will allow any long term drop, they are probably looking more for a long term rise because of inflation.. Its a good play right around the fake oil US weekly petro reports (they will be builds all spring of course)....but I see last few days, traders buying each of these latest dips hard. The builds data will wear thin pretty soon and it will be a story of inflation regardless of builds.