The sharp selloff in Oil materialized as expected. Crude has dropped and along with it Oil company shares. GUSH is now oversold and that is the first time since October. With a massive inflationary spike due next, GUSH has become extremely attractive.
Daily
I've taken an initial position in GUSH premarket at $63. Also bought some RIG at $3.25.
ReplyDeleteI had managed to exit GUSH on the last run exactly at the high of $101.
ReplyDeleteNow I'm starting to build positions in Oil for the big splash!
ReplyDeleteOPEC+ reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022.
ReplyDeleteTake a look around you. Everybody going to visit family and friends now mostly by car. Gasoline demand spiking this summer. Schools opening next. I could see gas prices doubling come September.
ReplyDeleteAnd this is why I had said that. As prices have come down, I get more aggressive in entering positions.
ReplyDeleteSCJuly 7, 2021 at 7:45 AM
"There it is!!! We're getting a good dip in the Oil. GUSH, RIG, XLE coming down. Don't get too heavy yet though. Let prices come down. The dip is deepening..."
GUSH did see the vicious drop suddenly and also it was foretelling a drop in SPX as suspected.
DeleteSCJuly 1, 2021 at 12:40 PM
"GUSH chart not looking good short term. I see there is gap at $67. GUSH susceptible to a vicious drop suddenly.
However, I'm not interested in DRIP because would be sudden but brief. Rather look to enter GUSH on the dip.
This also may be foretelling of a drop in SPX also."
OPEC is cutting supply as demand is spiking! Expect the result will be a massive short squeeze!!!
ReplyDeleteOil BIG splash coming!!!!
I'll look to add one more batch of GUSH, RIG, and also XLE calls to fully position. GUSH and XLE are both oversold but not extremely so yet.
ReplyDeletefirst time i've seen VIX in backwardation in a looooong time....
ReplyDeleteinteresting
Sold GUSH $66.10.
ReplyDeleteWait for another entry
DeleteSc
ReplyDeleteLooks like a reversal
You can go higher from here
Let’s see what the end of the day brings
So you can see why I don't get too worked up by the gyrations. It's just starting to get more active.
ReplyDeleteTwo windows have been identified:
ReplyDeleteAugust 8th to September 6th
November 5th to December 3rd
These time frames are in focus for the largest profits. Fortunes to be made with correct positioning.
Sc
ReplyDeleteOCGN????
The Delta Covid variant is a fraud. The government devised a plan to push this variant to create some fear in an attempt to induce people to be vaccinated.
DeleteSc
ReplyDeleteThat is comforting!
Yes, however there will be a serious problem later, and I do agree OCGN is finishing the consolidation phase from February. Still early but the time will come.
DeleteThe bigger the spike the longer it consolidates. December to February was a big spike for Ocugen
DeleteI know the trades to make but more interesting is which order to make the trades. This is the key!
ReplyDelete"Investigations into the origins of Covid-19 by the WHO and the U.S. government are still underway. President Joe Biden set a deadline of late August for the intelligence community to report back to the president with a clearer picture of the origins of the virus."
ReplyDeleteMarket pop again but there is more selling coming in my opinion.
ReplyDeleteRIG in profits now too lol
ReplyDeleteI did have some XLE calls. Unloaded half. I don't feel this is the setup quite yet.
ReplyDeleteSc
ReplyDeleteStill looks higher into end of the month
The big boys bought monthly calls
The will not loose money
You have to understand that premise!
I am the big boy hahahaha
DeleteDunnster I think they will try one more selloff on the Delta variant to attempt to generate a little more fear. Agree though with the XLE monthlys.
ReplyDeleteI don't even consider the XLE weeklies. This is bigger than that
DeleteTook profit unloaded the balance XLE Calls
ReplyDeleteGUSH may have difficulty at $75
ReplyDeleteYou can see why I didn't want to endorse Oil shorting right before the BIG Splash! With as much power as the Oil market has, the down move may have tempted you, but the coming move is multiples of that size.
ReplyDeleteNice move on RIG
ReplyDeleteYes! RIG one of the strongest stocks today. I have more patience for RIG and quarterly is due August 4th.
DeleteSC do you think market dips again ?
ReplyDeleteYes, this bounce is suspect and it could fail. Just posted SPX chart on twitter. SPX keeps bouncing at the 50 dma but a failure is coming.
DeleteShould dip into unemployment numbers tomorrow
ReplyDeleteSc
ReplyDeleteI don’t Twitter
Will you post on the email???
Blog- site
ReplyDeleteOkay I'll post SPX chart
DeleteWould you please update or comment on xbi?
ReplyDeleteXBI did drop as anticipated to $123. Next expect bounce to $137 then down again. I have XBI in a sideways channel. It is slowly building a base and strengthening.
DeleteSCJune 11, 2021 at 12:10 PM
"Biotech looks overdone this week with Biogen. XBI can drop back to $122. Weekly XBI RSI stalled at 50."
This is a reason I am not that excited about OCGN yet. Because I want to see biotech XBI on our side first. Then we can run the OCGN.
DeleteThank you. Appreciate!
ReplyDeleteNew chart posted!
ReplyDelete