PaydayI'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