XLE not too bad.. still holding up above $52.50 here. Can scalp here.

I found XLE always like to fill the gap. So, if open got gap big, just close eyes and buy or sell depending on direction
on the gap. Seems to work so far..

DWTI just lost 30pts from 426 when the bargain buyers came in and buy.
You can see that volume spike up too in XLE and SPY. Dow also recovered 100pts.
Sp500 fought very hard at 1810. 30 mins to go. It will be interested to see how it closes. Maybe tomorrow reversal.

This post has been edited by danmooncake: Feb 12 2016, 04:36 AM

Bulls cooked up a lot of positive stories here to push the market up.
Let see if it can hold or not.

WTI price is fighting hard to get back above that 27.50-28 level. Last known support becomes resistance.

This post has been edited by danmooncake: Feb 12 2016, 11:16 PM

DWTI looks like it wants to roll back down to the 50ma level (260'). Perhaps that would be good spot for rebuy.

DWTI got whacked today... but it can rise again and print more money if those false hope turn out to be true tomorrow.

WTI got back above 29, 12% gain .. what a crazy market.

This post has been edited by danmooncake: Feb 13 2016, 02:21 AM

They're selling into the rally..

Funny thing is.. Oil negative.. DWTI also negative. Inverse percentage also not same with UWTI anymore.
Big time tracking error here.

All aboard DWTI ... it's time to ride this bear train.

Continue to hold and play XLE here...it definitely wants to go higher.
WTI Oil going to test that $35 soon.. may even wants to go to $40.

This post has been edited by danmooncake: Mar 2 2016, 01:54 AM

Stocks also pulling back tonight.. but I think we should buy this dip.

Yup, it is strange but sometimes buyers/sellers action defies logic. The inventory news of oversupply is bad but crude price still up.
IMO, the momentum is on the bull side to push this up and many missed out the rally from the low $30, so, when
it dips to 33.xx (not enough sellers to push it down further), they stepped back in to push it to high $34.xx, with resistance at $35.

Avfan is correct, if it can close above $35, we may see the next $2-$5 range play ($36-$40).

But, if it holds here and if we get another week of oversupply news, I'm sure the bears will roar back in.

This post has been edited by danmooncake: Mar 3 2016, 01:02 AM

You know, those analysts report always seems to be late.
When AAPL was in low 90'ish.. they said AAPL is a SELL because it will likely fall below 80's.

When AAPL already rallied back to 100... now they said it is a BUY.

Sometimes, just best to do the opposite of what they're suggesting.

This post has been edited by danmooncake: Mar 3 2016, 01:43 AM

Could be. OIH and XLE are closely related. Both OIH & XLE got a break out from that 50ma line today.

While WTI Crude remains at the resistance ground at $34-$35, XLE/OIH (ERX for leverage) in Oil Services have indeed move higher. Technically, because of that price movement cross over that 50MA. That leaves a lot of potential upside target to 200ma. Support could come in at 50ma if it pulls back in day or so.

I am surprised how bullish OIH is.. even more than ERX (3x of XLE).

I have not watch the movie yet but read that book by Mike Lewis two years ago.
It's pretty good read.

His later one - Flash Boys also good, story about High Frequency Trading...

I am watching XOP and its leverage GUSH too... they're also very bullish.
All technically moving upwards just because the computers saw the bullish pattern and keep buying,
despite fundamentally the Oil inventory has overflowed with highest level this month.
The high price is disconnected already.

But, sooner or later, it will fall back into earth. No reason at all, the story didn't change yet.

If you're still long, better continue to track it with a trailing stop.

I think sooner or later, there will be a chance to jump back into DWTI.

No doubt oil Bulls want to take this to $40...and possibly higher.
Just continue to ride with them and see how far they want to go.

Finally, the bears came out to play,

So fast jump on bull side meh?
We need more a bit more pull back-lah.

Brent is already over $40, WTI at 38.xx almost there..

I think the market is giving too much to both Saudis and Russia may be working together to pull back production on the upcoming March 20 meeting yet no agreement from Iran.

Maybe just a few more points.. then go back down ok?

This post has been edited by danmooncake: Mar 12 2016, 02:16 AM

Ya loh... all this time, there is no change in oversupply.

Just last week, even with more than 10mln barrels of supply.. crude still goes up because they say it is short covering.
Then, two down days this week, and on Wednesday, inventory rises again 3.9 mln barrels, yet, short covering again meh?

Overall I think it is still bearish but I think crude traders try to follow general market instead of leading it this time.

All in buying mood until they will look at each other again when everyone is bullish, then they sell and cabut.