Energy demand will continue to grow but since we got more and more alternative, the crude oil demand from world will be less. US consumes 1/4 of world oil price. Now, as US consumes less imported oil, and more of internal shale oil, it has impact on world market price.

OPEC said they will cut production to bid prices up.. but probably have to wait till it hit the sweet spot price around $80.
If it falls below $80, they're hurting too 'cause production cost remains high.. probably break even and cannot make money.

Malaysia oil production probably in dilemma.. they keep saying Malaysia exports oil and import refined petrol.
Prices goes down for crude but prices remains elevated for refined petrol. Malaysia losing money - therefore must cut subsidy.

Sp500 is at 1925.. that's the spot I've covered last week.
Now, I'll let it ride down a another level. see if 2nd chance will happen or not.

Wish me luck.. come mon bears.. do your job. Bring down this market!!

Waah.. Ebola claims its first victim in USA.. pharma stocks.. not moving here.

Also, one ETF to watch for Energy is XLE.
XLE Feb low is $80.50. At that time it was 200MA.

Now, the 200ma is at 95. So, XLE is already -6% from that line.
Another -6% to go to test that $80.50 support.

RSI says it is oversold. I think there's short term bounce here shortly.

I'm also watching avg petrol prices in USA. Usually, they move relative in tandem..with oil prices.

Funny thing about this.. the market price for avg petrol in USA is going to be same as "subsized" price of petrol in Malaysia even AFTER rate conversion.

Damn bulls... got stop me out again @ 1930
With closing at 1965, that's 43 pts rally.

Wife wins again for her bulls pivot call at 1925.
Dinner on her this weekend.

This post has been edited by danmooncake: Oct 9 2014, 04:33 AM

Holy cow.. .who let in the bears? Back down to 1920'ish again.

Darn.. in meeting and I've missed scalping this.

This post has been edited by danmooncake: Oct 10 2014, 01:12 AM

Bulls are still holding strong here at the 1920'ish support line.

Wow... 3 times.. 1925. Still holding.

Darn bulls...

Arghh.. SP500 closed at 1928 (so close)...

This market makes you stare at the Abyss... luring, tempting but, not ready to commit hara kiri yet.

Icahn is a liar.. he's been shorting S&P since the beginning of July, not yesterday by buying puts.
Right now, he's pumping AAPL to $200.

But.. finally.. SP500 opens the door below 1925.


1900.. here we come.

The VIX is finally flashing 20.. last time it was around early Feb time frame and market turns around.
Get your cash ready!!

The energy sector (XLE) is oversold. It will bounce soon. Get ready.
Good opportunity to play leverage (ERX) later.

If you're stock picker and likes individual companies with juicy dividends, check out: BP, XOM, COP, MRO, CVX

Lol! Day traders only to look at 1m,3m,5m and 15m charts to play. In and out within 30m window can make money.
5m chart now indicating a S curve down to 191.25 and moving back up... 192-192.5 (back to mid BB band, soft resistance here) is nice spot to take profits from the short term oversold condition.

Very different from mid-term to swing traders.


I'm more interested to see what happens if 200ma is reached. We haven't seen this for two years.

All of the O&G, I dislike Chesapeak not because of the chart. It's because of huge dependency on natural gas. Prices haven fallen a lot because of the milder weather this year and very little transportation use for natural gas in US. Perhaps if the winter gets cold again in Jan... then we see price spike, CHK will no doubt rise again.

Is this the bottom for CHK?.. I don't know. But, price chart is indeed very ugly. Divi yield at 1.7% only.
Wait till around yield 2% to 2.5%, you will see good support there.

As for Solar stocks.. yup! Getting crushed too together with Oil.. but I haven't see demand of solar cells diminishing or slowing yet.
China and Japan ramping up use. USA solar for homes and businesses. So, market over-reacted on this one. Opportunity to buy dips!

Waah Waah..... SP500 1906, right at the 200ma. What a teaser! All puts are closed too.
Time to get some meals for weekend.

Let's get back here Monday premarket to discuss next week strategy.

200ma is finally here... ok, let's see if it can hold. 189.05 is the line in the sand.

Ok bulls... time to take it back. Ramp it up!!

Closed at 1874. Holy moly.... 1850 could be reality very soon.
But... if it happens.. let see if it can bounce or not.

This time, I've a feeling this correction is kinda different.

This post has been edited by danmooncake: Oct 14 2014, 09:41 AM

I like it here.. 200ma is holding at 49.

General market for SP500 at 1880 also seems to be pivoting. 10 year bond yield pivoted at 2.20 yield.
The bulls are getting back in for bargain hunting now. So, time to add some more, with stop 1874.

Overnight, I saw Hong Kong shares surged. Looks like I may not be assigned EWH this Friday.

They're waiting for Draghi to implement more QE for Europe.

US Fed does not need to do anything other than let its QE3 to end this month.

It's funny how this market is so dependent on the "easy" money.
Much like drug addiction now.