Suncor Energy Inc T.SU

Payday

[MigraineCall]

I'm taking a payday today.

Make no mistake, I think our Canadian oil stocks are still undervalued, and think they have a big run ahead of them yet.

However, looking at many oil stocks from a technical basis, and recent movments in oil prices, several are at or near their recent multiple high tops, and it is time for me to take half off the table. It pains me to do so, but it is just the smart thing to do.

ATH, BTE, CNQ, CVE, HEU, IMO, MEG, XEG, and even sold some SU although it is not quite up there yet.

Why today? As we discussed, nobody wants to be short oil going into the weekend, and as this new war plays out and drags out, there will be many more Friday rallys to come as a result of the fear of weekend events.

I have sold almost all my call options (only 500 contracts left), some have doubled, some tripled, and unusually, none had losses.

I'm now cash positive in all trading accounts, with no more margin loans, and will redeploy when it is time do do so. Perhaps even Monday.

GLTA

[Experienced]

Good move my friend.. You may get through this time and not lose your shirt like you have in previous market meltdowns....lol

[liljohnnyjoke]

If something big happens this weekend, enough to move oil into triple digits, it will also likely cause markets to crash quadruple digits Monday, a baby/bathwater senario. And once that invasion and slaughter in Gaza begins retaliation events could happen anywhere in the world. Now time for a fall colours drive this afternoon. Sun is over the yardarm now cash heavy Migraine.

[Experienced]

liljohnny...agree with your analysis The question then becomes -  What are the chances of something big happening over the weekend and if so does it matter to investors? For what it's worth - Here is my take.... I will start with mt bottom line and if people can stop reading here if they like...lol I don't see anything happening in terms of the Middle East which will have a

[liljohnnyjoke]

I feel that very few of the Hamas militants that carried out the original attacks and then ran back into Gaza have been killed. I doubt that any of them are still in there just waiting around to die at the hands of Israeli soldiers. They likely escaped out of Gaza the first day or two through tunnels etc. Unlike a one and done suicide bomber they want to live to fight another day, which may be

[Experienced]

liljohnny..very perceptive comments!! Since prior to the Middle Ages when Kings went to battlefield to lead their people, the opposite has been the norm - "Cheering from the bleachers".  We saw that in Spades with ICIS. I suspect that you are accurate in that most of the Hamas leadership are probably in Syria or Iran.  In fact Iran said that they met the leadership of Hamas

[liljohnnyjoke]

Biden through Blinken basically gave Israel the green light for the Gaza Palestinian genocide and the US carrier group will stand by only to deter others from harming Israel while they carry this out. EXP, I cut and pasted from your post, changed one word, both will be true all they will do is create a new generation of America haters which is much larger than the current one did you see this

[Experienced]

yes liljohnny - your edit is also very true....

[bttmfischer]

jonnyjoke, here is a bit of education for you: AN EYE FOR AN EYE A TOOTH FOR A TOOTH' so says the islamic Sharia law in Islamic countries, such as Iran. It is also stated in the Koran. The jews haven't burned or decapitated any babies yet. unlike the Hamas. Now we are sending military aircraft to bring back Canadian citizens living in Gaza AND THEIR RELATIVES, who are not Canadian citzens

[meritmat]

Makes two of us.  Dumped a bunch of Cve to get into Enbridge. Averaged 7 bucks on the Cve.  Time to move it around a bit 

[integrity11]

Migraine I took a cue from you. I sold some CVE today that I purchased in summer of 2020. I think CVE will continue to do well and likely surpass $30 fairly soon. I still retained some in a couple of accounts. I was going to turn it into TRP, ENB or one of 3 Canadian banks, but based on Tou's purchase of Bonavista this morning I temporarily bought more TOU. I think it should go back to $80

[MigraineCall]

It is the hard thing to do, but taking some off the table is the smart thing to do. Just look at these triple tops on most of these charts. Still bullish oil.

[pooltec]

Charts are looking interesting today.  Thinking of buying back in soon, Q3 in 3 weeks should be good.  Christmas music and holiday shopping in the US around that time soon as well as cold weather.

[integrity11]

I agree Migraine it is hard to sell any of the Canadian oil  sands companies now as I believe they will continue to do well and specifically in next two quarters. I have recently sold my CNQ and 1/2 of my CVE. I will not sell any SU for now as I believe their upside is well over $50 and likely $55.  I really like Rich Kruger and I think he did a great job negotiating the purchase of