Trade tip for my Politico Bros

El OchoCinco said:
I dont see any news...
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What is there to stop it tanking?

The spigots are wide open in Russia and SA. World demand is crushed. World storage capacity is about 2 weeks from being full. The shale producers are going to crump bigtime.

I think that is the reason for the talk of a tariff. There just isn't anything there to support the price. Mohammed bin Salman's grandfather destroyed US production in 1981 with a glut and he appears to know what he is doing. Pain for the Kingdom in the short term and higher prices in the long term. It pencils out for them.
 
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If you believe in wedges this could be the start of the next leg down if market turns.. Could be a move back to 2400 at least. I think any positive news about curves or slowing rates could break the pattern and then we meander sideways but still off the lows.

Lot of uncertainty but right now I would expect us NOT to close above this current level today and reverse back a bit given the resistance.


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Mexican Peso fell nicely off of that top.... still short here because the Peso cannot survive in the 24 - 26 range....at least for long...

I am basically short from 25.00 via /6M futures (chart is same but reversed so I am long the futures)

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El OchoCinco said:
If you believe in wedges this could be the start of the next leg down if market turns.. Could be a move back to 2400 at least. I think any positive news about curves or slowing rates could break the pattern and then we meander sideways but still off the lows.

Lot of uncertainty but right now I would expect us NOT to close above this current level today and reverse back a bit given the resistance.


View attachment 224399
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Adjusted the chart based on today's price action. Could we begin the next leg to 2600 this week? Not sure but if this is a true wedge this would be the short term top as it makes a short run to 2650 and tests it. I added a few more shares of some holdings but now leaving gunpowder dry in case we have the next leg down.

upload_2020-4-9_14-51-18.png
 
El OchoCinco said:
Adjusted the chart based on today's price action. Could we begin the next leg to 2600 this week? Not sure but if this is a true wedge this would be the short term top as it makes a short run to 2650 and tests it. I added a few more shares of some holdings but now leaving gunpowder dry in case we have the next leg down.

View attachment 224510
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USO BTFD, converted half to cvx
 
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