Yeah.. they're still buying this dip (or covering). Not enough horror stories yet to cause oil to pull back more.

Today, the general market is diverging away or still holding up despite pull back in oil.

USO jumps because of Oil ... darn.. good for UWTI as well since it looks like it has reverse split (10:1).. but
hardly any movement for XLE. WTF?

Ok.. jumping now following stocks after Fed says world economy still possess risk.. more fire power needed.

Strongly advise DO NOT hold either UWTI or DWTI for months...both can be shorted instead of long side because over much longer term, they decay because of the volatility and daily reset.

UWTI reverse split twice already within a year.. shrunk in size.

DWTI not so much but still already half its value from the peak when oil was 26.. but Oil hasn't even recover back to above $40 yet.
Imagine if Oil gets back to $40.

Maybe holding a few days can be dangerous if you have the stomach to play it but make sure you got direction right.

This post has been edited by danmooncake: Mar 17 2016, 02:20 AM

UWTI would have been great to hold today... but also happy with XLE now.
Initially, it was a laggard even when they published that Oil has jumped.
But, XLE following Dow, SP500 and Nasdaq now.

XLE seems to want to go higher.. all the way to that 200ma line is getting closer.

The bulls not ready to give up yet.. just continue to play UWTI until USO turns around.

But, a lot of bullish optimism riding on next month OPEC meeting.

40.. 42...45.. 50 when everybody in.Then bam... they will release news that no agreement in OPEC to cut production.
We're oversupplied with tens of millions of barrels and the oil shale boys fired up their rigs again.

We'll ride DWTI again.

Keep riding UWTI until it turns around...

Hey Guys, look.... WTI and Brent same price.

Which one to buy, which one to sell?

Frack! Up to $90/k per day just to store 'em. They better sell 'em quick..

Oh... just a bit more pull back.

Time to play DWTI.... come 'mon, release more bears! We need both WTI and Brent to retreat below 40 again.

This post has been edited by danmooncake: Mar 24 2016, 12:28 AM

The Oil fundamentals are so bearish that it makes no sense to stay up here just because of the "hope" that OPEC will do something on April 17th. They all wanting to run the US oil shale out of business and US oil won't run as long as oil prices come back up and stay above $40.

Yahh... keep it under $40. Ikan bilis can become big grouper for DWTI in a few days.

Not sure about Dow shedding -150 pts here because we got Easter weekend coming up. Most sellers want to cover
their positions ahead.

But, for DWTI.. got out to pocket a few small groupers first.

Hopefully, by next week, it can continue on upwards (oil going down to 35-36), a break out for DWTI above 160 will be more exciting.

We will just let the machines trade by themselves from here.. no volatility, low volume.
Bias seems to be on short covering and at least recover to flat by today.

Yawn...Didn't do anything tonight.. still on extended holiday from the weekend.
Oil market also didn't move much. but staying below $40 is good.

Anyway, I think if the market will let it roll down to $35-$36 to add bit of volatility in the next few trading days will be nice for us traders... otherwise nothing much to do here.

Becareful... Yellen always on the bulls side.

So, must take some profits here for DWTI. High 37/low 38 for WTI also happy lah.

Oil finally dipping below $37.. but time to take money off the table also lah.
Gap down, usually will recover.

So that's good enough for now.

XLE is also at the nice pull back buy point...unlike UWTI, this one can keep multiple days.

Agree.. if not for pullback in oil limiting the upside, the bulls would have taken this to the moon again.