Veren Inc T.VRN

Stop loss raid

[Moemoney42]

Careful with those tight stop losses folks... we just had a quick down draft in the last 5 minutes and back to higher prices in minutes.. ;-)

[Anschutz]

Sorry Moe, some of that was me.  I dumped my positions across 4 accounts 15 min before the close.  Considering the fed raising 1/4 point and WTI weakening since the announcement, I'm guessing we see a weakening in WTI overnight and sector pull back tomorrow. If not... well I'll pocket the gain as it's enough to cover one kid's university tuition.  If the price does

[Moemoney42]

No worries... I was actually referring to the swing mid day, minutes after Powell goes through the question and answer session.. there was an abrupt drop in stock price only  to have it come back even stronger within minutes.. 

[Moemoney42]

Interesting to see 4.13 million shares traded at the close.. great volume on an up day too.. that's gotta be a good sign..?

[Anschutz]

Yes it was a very good volume day.  That was part of the reason I sold out.  Historically CPG tends to sell off a bit after days like today. Although down from earlier, so far it seems WTI wants to stay above $70.  I may have been needlessly spooked out of my position. Great thing about trading is being able to jump in and out at anytime.   We'll see how this plays out

[Moemoney42]

With the stock price closing the gap this AM I'm curious if you got back in for the brief moment CPG went red this AM Anschutz..?

[Anschutz]

No I didn't jump back in.  Sitting on the sidelines.  At the moment I'm looking at a re-entry point around 8.40 to 8.50.  I think there's a chance to buy another dip (maybe two) before WTI starts to rise deeper into spring and start of summer.

[Moemoney42]

Interesting buy target.. no hard feelings but I'm hoping we don't test those levels anymore.. ;-)

[Anschutz]

I just read my charts and watch my indicators. Every day I project 3 trading patterns... current trend, optimistic and pessimistic.  There's lots that goes into the projections, however at the start of the day I watch the three scenarios play out and swing trade accordingly.  WTI has caused my most pessimistic projection to break to the downside and is now outside the lower range I

[Moemoney42]

Interesting.. do you assign any value to competition from the NCIB on the buy side in your projections? I certainly agree with you that things can change rapidly on any given day, which seems to be the only thing of certainty lately.. 

[Moemoney42]

Not sure if you caught Art Hogan on BNN just a minute ago, with the notion that the reason for weakness in crude is some of the option traders having to liquidate at $75 & $70 levels and he feels that exacerbated the move in crude and expects its price to reverse shortly.. FWIW.. I think Art is a pretty straight shooter IMO..? 

[Anschutz]

Not specifically.  If NCIB is happening and having an effect it should show up on the price movement.  Over the years I've come to place little trust in CPG leadership to follow through (in good faith) on NCIB announcements.