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USO: Same thoughts going forward as yest if you missed look at last nights scan. Oil should be pretty wild while bailout rumors swirl until something happens, so be prepared to play it both ways, will be squeezes along the way to destruction here (as of right now), but ultimately remaining short bias overall.
SAEX: Perennial shitbag alert, late after hours nonsense news. Higher better tomorrow am and looking to jump all over this short. Gap and 2.50+ in a perfect world but not sure it gets there.
OXY: I really hate the situation these guys are in, but today’s action you just can’t ignore. The June WTI contract got decimated and this thing had a literal never ending bid around 12. Just tells me someone is highly, highly confident the oil industry gets bailed out soon, and that’s likely they case. So eyes on this on dips as a long. It goes against the nearterm fundamental picture here, but in my evolution as a trader I’ve learned not to ignore price action and technicals, and those say higher to me based on that 12 accumulation today.
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See you out there!
– D
Analysis on OXY – very interesting.
Fundamentals are so hard to trust in this crazy time… when it goes against price action I get very confused with my still little exp.
tnx for the insights