LGX Oil + Gas Inc ROAOF

RE: Oil is up

[DaycareKid007]

OPEC is looking to cut 2 milliion barrels per day production to eliminate the excess supply. I does seems as though the minimum is going to be 1 million barrels per day but they will probably not do it all at once and divide it into 2 separate cuts. I read on Bloomberg a little while ago that there are increasing bets that the oil price will decrease to $50. you can view it here. https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVShPh3jhYcw. Before they knew about the cut is probably why things are heading in that direction, but I think those betting on $50 oil will be out of the money come December.

As for trading today. It will be IMO another up day for sure as shorts continue to cover and money cautiously moves back into equities. Look for a possible dip on Wednesday when the oil numbers come out on US supply. I expect them to be more in line with expectations this time because the US won't be artificially inflating suppy through the Strategic Petrolium Reserve which drove down prices in a hurry.

I think there is a very good chance that we see Oilexco SP in the $5 range today but I am unsure if it will hold it as some investors might look at locking in gains from Friday and todays upcomming session. Sad I know, but this is not really a market where people are playing long unless they are Warren Buffet.

GLTA and happy trading on what looks to be a happy day!