Wow... faster than a I expected.

Incredible... broke above 41.50, perhaps gunning for $42.

I think the bears also scare... they can't take it down further.
So, when they cover, it also spiked the price up.

But, I think it should taper off now.

Tonight will be option expiration. If XLE can stay above 65 by closing, I'll be happy.

Wow, the jobs numbers are strong.. 225k @ 4.9%. Bulls are eager to stampede here.
But, not sure about Crude. Oversupply concerns may still tamper any rally.

Crude fell back below that 41.50 marker.
XLE still holding green.. that's good.

Just a couple more hours to go.

Nice gain for XLE and general stocks but such a lagger for crude holding the same at 41.xx.

I think that's all it for this week. Just 30 mins to go, I don't expect anymore major move here.

We'll play again next week and hope we'll continue to make money.

There you go... mere words of "production cut", bam..
Oil rallies like mad.

It's time to go back to $45.
Then, break out from this short term range: $40-$45, and onwards back to $50 again.

As crazy as it may sound.. I think Crude wants to visit that 44-45 level again despite lack-luster view that yet-another-potential OPEC meeting may or may not translate into any action plan.

^VIX is below 12 again... all is the calm. Perhaps time to buy some protection.
Let see how high the general market will go for the next few trading sessions before bears prowling again.

Just waiting game for now..

This post has been edited by danmooncake: Aug 10 2016, 04:15 AM

Yes, it has been quite long. The truth is the real bear (a drop of 20% or more from the highs)
have been missing for the last 4 years.

The worst case was just a correction of 13% from November to February, and the market
now higher than last November highs.

Corporate earnings for past 2 quarters are sub-par and earnings growth been diminishing.

The market is rigged because the central banks (US Fed, BoJ, BoE, BoC, EU etc.) have been supporting this market for long time. If they don't interfere, I think we would have seen the bear market already.

Need more "OPEC talk" stories for the bulls to keep moving on despite bearish inventory news.

2 steps forward, 1 step back.. let push forward 44.

XLE teasing me at the 50ma line here.. darn. I'm gonna sell that PUT here for ikan bilis meal here.

Arghh..Nooooo!!! Better hold here (41.50'ish).

Just two more days..

This post has been edited by danmooncake: Aug 11 2016, 03:17 AM

What happens to the "significant" buy just reported yesterday?
http://www.cnbc.com/2016/08/09/oil-is-flas...buy-signal.html

Wow... Oil spikes again. Thank goodness!!

Just hold it here nicely. One more day to go.

Yet again.. the mere chatter of "may discuss" - we're seeing the reversal here.
Eventho we know they may not actually do anything but heck.. it's a just psych effect.

Also, it was dangerous to short at this level (on the low side between 40-45 short term range).
If it gets to 44.xx by end of tomorrow, it will be safer to sell/short there.

Anyway, the danger is over for me..

As long as US Fed delays interest rate hike, I think we'll continue to see higher highs and lower high.. until
the Fed gets tired or impatient and surprise the market, bam... everyone rushes out the exit door.

It is almost like musical chair game.

Oh good..at 43.50, should give it enough buffer for sudden drop if anything bad happens by tomorrow.
Just one more day to go.

I don't mind they announce but I hope they can wait till next week.

I think if they can pump this up to 44, but cannot get above 44.85, then it will likely roll back down.
But, if they keep pumping and goes above $45, well.. likely, it is off to the races again, next target: $49/$50.

Remember? These greedy OPEC guys want oil to get to $60 by next year. Don't fight them.