There is something about climbing up to the top of the Gantry in a 50 knot wind to break ice so you don't Turtle over that gives you a great respect for life. My dad was born just outside of gloucester in Rockport. He got hurt really young and decided that finance was probably a safer line of work so that ended his fishing career but he was never the same (I hear) He was always a Hard #$%$ the whole time i knew him LOL .
I don't believe anyone really knows whats going to happen next but the story has changed towards the higher price scenario atleast so far. I use to be short and would add a long position short term when we reached oversold conditions. i wouldn't go as far to say i am long (yet) but hold a long position that i am building up some "house shares" by trading the channel and add some short when we reach the top end of it;s range. The key points that have changed my strategy is the way the buyers have stepped in and supported oil in the low 30's and the tone of the news stories that have been coming out the last few weeks especially the ones that show the producers are starting to cut production and shut down wells. I guess it would be a fair statement to say i am neutral with a slight bias on the long side and every day we can stay above thirty is one less before we get into the summer driving season when our usage goes up and our glut should start to decrease GL2ALL
I think what you are referring to Commitment Of Traders or COT It is a breakdown as of each tuesday's open interest on Futures Contracts I could go on and on but that s a brief description and it would probably be easier for you to check out the weekly CFTC reports. Hope it helped GL Mike
At one time i was was looking at NG thinking it was oversold and yet the way the institutional money was investing in it was saying something completely different. Since it was a tax deduction and i had some friends in the area i decided to take the time and spend the money and go check it out and the one thing i heard everywhere i went was How much NG there really was. Ng was about $3.00 so i went short and stayed short till just a little over a week ago and even though technically it is still over sold i still didn't go long and probably won't. My reasoning is not because i don't think it's cheap, It is that i don't know how much more cheaper it will get and when it finally does turn except for some short covering, I think the upside is limited. GL2ALL
I gave up on CHK long before the latest crisis because of poor management but there are some that can survive (Not thrive) but make day to day payroll like RICE energy. I remember when i was fishing the worse captain boats always worked more when the price was down because they had to and i assume this situation is no different. I mean what other choices do they have but to pump as much as possible and try to stay afloat. Of coarse it only adds to the problem but again What is the alternatives GL Mike
What a surprise to hear he had from what i have heard Commited suicide. He hit an embankment at a high rate of speed with no reasonable answer to why except that he couldn't handle the pressure from his recent indictment
The time to buy was on the 11th of Feb when oil opened made a new low, rebounded and ended up closing up 6% on the day. The level i am watching is $35.00 Today we managed to break thru it but were not able to hold so i think if we can't get threw that resistance level over the next few days we will probably head back down and test support.
Yes GASL is moving up on oil recent movement but more so on speculation that the larger well capitalized companies like exxon will be taking out some of the smaller ones with great assets. I locked in some gains today by hedging out my long positions at the end of the day with some GASX and a few DWTI. If we take out $35.00 i will make adjustments to my strategy but i think we are starting to get a little ahead of ourselves and anytime you have this amount of shorts out there this is what can happen. NG keeps making new lows and i have no plans on taking on a long position at this time but anytime i see all these new posters talking about shorting NG it makes me think that there is a chance for a rally atleast short term. I'd rather wait and press a short than join the long line of "The Bottom is in" like so many before. GL2ALL
I am looking at it with a sm starter position 1/5 I have been looking at 1300 in gold as where i will press a short bet in the miners. I know some of these ETF's have a R/S coming up on the 24th and i see more fear buying in this election year but think if your willing to hold and buy in increments at some point you will do ok. I am still in the oil and NG more than anything but did hedge 1/2 my position in GASL with some more GASX a little bit ago. Oil has failed at 35.00 so far so unless we take it out oil will more than likely roll over.
To say that NG will hit 3.50 is a bit vague. While i disagree what kind of time frame are you talking about or is that one of those open ended calls? GL2ALL
I have to laugh with all the new shorts popping up all of a sudden. Two months ago when i talked about shorting NG i got blasted from every direction telling me that it had bottomed and that when we dropped below $3.00. When ever i see this many on one side of the trade usually points to bottom is starting to form. Everything i am hearing in the field see points to plenty of NG but that means nothing if the shorts decide to cover. I am out of NG and back into oil to see if we can take out resistance at 35.00 but i will be watching the weather over the next 2-6 weeks Gl2ALL
Gold will be a hot commodity. I think it would of been settled if trump didn't keep putting his foot in his mouth so if Clinton does win off of his blunders Wall st will not be happy and gold will be even more in favor. I am not picking sides just making the point that gold is and always has been a fear trade. 2009 -2012 should be all the proof one needs to see that so until the unknown is settled Gold will be in Play (I am looking at 1300 before i would even consider shorting and who knows?) GL2ALL
A/e i would trade light since whenever you have this many gains you can see profit taking at anytime. GL and Long time since i have seen you on the MB's
I am still watching gold but have yet to make the trade short. I do think we could se a pullback but until the elections are settled i see more fear of the unknown which is always good for gold. I am locking in some gains today in my oil trads GASL & UWTI with some GASX. I am still longer than short by 37.5% so will be watching for the next level to hold or break down where i will start increasing my short position by selling some longs GL2U
I wish Yahoo would sue this spam posters at their source. First it was one all the time and now there are 4 and not one is worth their salt
I bought it for a trade and sold all but 500 shares thinking it could retrace it's move if the market rolls over. We are starting to come up against resistance at the 2010-2020 level on the S&P so i trimmed a lot of positions this week starting with LABU early and finished up Friday,with GASL, AAPL,& FB. Oil is starting to hit the next resistance point so i have been taking some off and buying some GASX as a hedge. I am out of my Short NG position but haven't started a long yet although the more i see all these new shorts makes me think we are starting to form a bottom. GL Trading Mike
I have been in GASL and UWTI since i sold my short and have been slowly rolling from long to back to a shorter % position. I would feel better about staying long if we could give back 12-18% of the recent move up since oil long seems to be getting a lil Frothy. GL2U Mike