XOM
- Thread starter xandman
- Start date
Yes, for last 2 weeks I have been buying on spikes down, then selling on rebound stalls, the result has been a series of small profits, not the goal but the belief a good bump in the oilfields is around the corner.
I will keep doing this with direct share purchases and some scaling in with ATM weekly short puts. I have also been doing this with NOV, WFT NBR, HAL.
NOV and WFT have paid off with some nice gains, HAL better than XOM but not great, NBR in red but about 1/3rd of way to my stop. I will keep doing this until get a nice bump to ride or get stopped out.
I will keep doing this with direct share purchases and some scaling in with ATM weekly short puts. I have also been doing this with NOV, WFT NBR, HAL.
NOV and WFT have paid off with some nice gains, HAL better than XOM but not great, NBR in red but about 1/3rd of way to my stop. I will keep doing this until get a nice bump to ride or get stopped out.
What do you think about NE as a long covered call position as you can buy more shares with less money b/c it is liek $6 bucks a share? I am looking for BP to bounce back tomorrow or the next day and then dip again as they got drilled today. I own WLL and like it LONG LONG and have some CCalls on it as they have great management, this reminds me of last year this time when oil was cheap, if XLE drops to below 68 I will buy it again as I HOPE oil just keeps going down so I can buy in cheaply on it
WTI is actually at the point of a downward range breakout due to tomorrow's energy report. I suspect that the move has passed and it will resume trading the $51-$54 range. Btw, $51 was the OPEC agreement move.
I don't know much about the drillers except that I did write some covered calls during better times in the industry. I think it's like writing biotech ccalls with a less massive downside. We are in lean times, however.
I don't know much about the drillers except that I did write some covered calls during better times in the industry. I think it's like writing biotech ccalls with a less massive downside. We are in lean times, however.
NE I play but longer term , so CCalls fine. NE offshore drilling which I don't think will bounce as quickly as on land ( But I am no analyst, just a guess ). I don't want oil to drop to much because then everything we are talking about will collapse like a cheap tent and just sit there. But I am long now, so I don't want the hit. 