RE:RE:RE:RE:RE:RE:RE:BTE strength .......Yes I agree with that , the speed of the hikes have not allowed the tightening to take full effect yet and they are still rising . There are so many forces at work you just have to remain nimble .
Snowballer wrote: Honestly I am extremely bearish on the world economy. Same for oil, to be honest. I think we eventually dig down to that $66WTI mark. The Chinese and the Saudis are signalling they are preparing for a global recession. Interest rates will continue to rise from here and who cares if they slow the hikes
it's the terminal rate the Fed is warning us about. In my view, the SPR and the inventory levels do not matter right now. THEY WILL but not right now.
If BTE hits $7 I'll probably sell. The profit will be there. We shall see. But if I'm wrong about my views, as a trader, I'll simply adapt. Case in point... I'm bearish on oil but bought BTE today simply on attempting to tade oversold and overbought territory.
HighOctane89 wrote: I was worried earlier , the tsx's general behavior on a Friday is to sell everything and with US Thanksgiving next week , I could have seen today play out way differently than what we have experienced .
Snowballer wrote: Yeah fair enough, could go either way. We are close to the 200DMA on the daily chart. $6.34ish would touch it. MACD on the same time interval nohwere near reversing. Watch n' see. Hope you're right about closing at or over $7 tho... I'd be well into the money!
HighOctane89 wrote: Just watching the overall picture , the algo's don't seem to be driving the bus down , just letting the asks be absorbed . I might be wrong but I think the negativity is done for the immediate future .
Snowballer wrote: Give it time.
Profit takers will show up who got the bottom today... already oversold on shorter time intervals. For now I'm holding. More of a swing trader than a day trader. But I like the jump off the 200MA on the 4 hour chart. think look good. I think I'll make good $$ on this trade provided we don't dump.
HighOctane89 wrote: No sellers to be found , looks like we close above $7 . This market is crazy , oil up means O&G stocks are down and when oil is down , stocks are up .