RE:RE:US and Iran Oil DealThanks Matt.
Sold all of HOU when WTI was at $79.82, before the 1:30PM close. +$9K on speculative US Iran oil deal news, that we know won't change the market supply. Not bad for an hour's work, just a trade.
HO and Gasoline are on an absolute rip today, supporting crude.
Oil stocks got oversold lately and this retracement is an opportunity.
Rig counts are dropping, especially in the Permian.
Powell news was nothing new, and the market sold off yesterday in preperation for him today. Now we bounce back.
With all the China woes, even pulling from their crude stocks, global inventories are still dropping.
SU has been extremely strong, breaking through the upper Bollinger bands 3 times now in the last few days. Extremely rare. Fortunately I didn't sell it as per my past plan as I noticed that at the same time XLE was at the bottom of it's lower BB and due for a bounce, so I'm very lucky I held off selling the BB, and let it run.
Notice how SU has even outperformed its peers, CVE and CNQ as it plays catch up to past levels.
Still holding a full core SU position, and looking forward to $25k of dividend in September.
GLTA
matt2018 wrote: good luck with it migraine..... I agree, somethings not right here.
Crude oil stocks Down, Rig counts Down, Oil price Down.
Its been a few weeks of this now.
Why are there no Oil buyers?
Is Powell scaring them? Is it China slowdown and their cratering property values?
Somethings gotta give sooner or later.
SU wants to run but oil price cant hold $80, regardless of the strong fundamentals.