RE:RE:one of the most bullish turning bearishI got burned real bad in July when oil was near 50$ and I bought a bunch of calls on BTE thinking 60$ was coming. Lost a couple of Gs. Bought some puts in August and I will be able to halve my losses soon in the oil sector. Oil and BTE will come back but I think the market has that pegged for 2017. Meanwhile Sept-Oct are volatile months and a lot of people are fearful. The only thing that will save my BTE Oct calls is a buyout so I will hold them until the bitter end. Best of luck.
orlandofl wrote: orlandofl wrote: usually when all is doom or gloom that spells the bottom, but I am getting tired of swimming upstream the last few years
usually when you are at the height of doom is when it turns or the height of elation it usually turns -
I already thought we hit the height of gloom and doom, but now oil stocks going through the floor at $43 oil, and EIA shows a net 14M barrel draw over the last two weeks and oil drops over 5% over that time
where does the carnage stop - shorts are hammering and many longs bailing - and if we get a run up you may get other longs bailing
Lots of fear being created and I just can't sell here - I may get annihiliated again
And, Oil stocks dropping 10 - 20% plus ove the last two weeks as well - about 3 to 4X greater than the drop in oil