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North American Energy Partners Inc. Message Board

  • chemaes44 chemaes44 Aug 8, 2011 8:38 AM Flag

    Feeling kind of stupid on Oil

    I stopped watching oil a little while ago because it just looked like it was going to chop sideways for a long time.

    Looks like there was some good money to make on the short side and I missed all of it.

    Congrats to all of you guys who made money. I know Martin made some.

    It looks like if oil can break below $82.78 is the thing to watch.

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    • I wouldn't say you were stupid, just over cautious. Oil was due for a dip its just a matter of now how far the dip will go. Looking to accumulate oil long now. The last big dip moved oil to the upper 70's, but it did not stay long. Will see if this double dip in the market will drive it down further. Nothing like the smell of panic in the morning. For those brave enough to go against the herd, its the smell of victory. Just need to determine when the stampede is close to ending.

    • I executed my worst trade of the year on Friday by selling my TVIX for 34.20 that I bought for 17.50. I got too clever so I am wearing a hair shirt today.

      Crude is looking interesting...but nat gas looks like something that I'm forced to play at these rates (UNG). The industry can make money on 75 crude, however, sub-4 nat gas is just not sustainable.

      • 2 Replies to dbbailey1
      • 100% gain on holding TVIX for a couple of weeks. That's a definition of failure I can certainly aspire to, Bailey. Congratulations!

        Trailing stop triggered on my EDZ on Friday. It whipsawed the same time as TVIX. I bought back in at open today feeling like a total moron for buying above the UBB, but what else to do with everything turning red? New trailing stop and we'll see what happens. Buying in nosebleed territory is not really my cup of tea.

      • Made my worst non-trade of the decade Friday by missing the close and my plan to buy TZA when the Russell got back to the top of the channel which it did right before the close. Nice rally into the close going now, so maybe I will get another shot today. 20% one day gain would have been really nice.

        Wonder if the Fed will feel compelled to promise more QE tomorrow, and F up my short trade?

2.55+0.01(+0.39%)Aug 31 4:00 PMEDT