Hey guys, Oil (WTI) spiked after Opec and Russian agreed on continued production cuts till next year..
now back to to the higher end of 45-49 range.

It may go higher but I'm taking some profits here. Leave a bit on the table and see how high it can go.
May rebuy back in if it can fill back that gap at 47.xx

If it can continue to break that $50 ceiling, then will be more bullish, more to add later.

Last week, more rigs added. It's putting an anchor to the price.

I'm all out tonight. In cash again, seeing Oil pull back down below $49 here.
Just can't trust OPEC and Russians to do the right thing.

API report and EIA will come out soon, not so sure if we will see larger than expected draws.

I think I've pulled the trigger just at the right time. <phew!>
After the market closed, API reported higher than expected inventory levels.
I can see the Asian Oil market already pulling back.

Let see if the EIA numbers tonight will coincide or not when US market opens again.

Waah... Trump in trouble. So is the market. Bears coming out to play.

This post has been edited by danmooncake: May 17 2017, 10:57 PM

Almost -300 pts... watching for day trade opportunity here.

Oil inventory is good. Both EIA and API numbers confirmed.
We're back above 49.xx now but kinda sucks if market didn't follow.

Both SP500 and Dow could be a buying opportunity here at the 50ma levels.

Nasdaq is most bullish..still quite elevated. Wanting to see if QQQ can drop to 133-135 level.
It will definitely take more bearish news.

This post has been edited by danmooncake: May 17 2017, 11:12 PM

Wow.. Dow -340 pts... haven't seen that for a while.

Both SP500 and Dow pierced thru the 50ma line.

This post has been edited by danmooncake: May 18 2017, 03:49 AM

If it sells off at early trading again, I think the bargain hunters will jump back in.
I'm watching that 2340-2350 area for opportunity.

Too many hungry buyers.. heck, I just jumped in and out for quick trade.
Just got 40c scalp from SPXL.

Gotta to jump back in.. darn. Missed a few points.

It will be good if Oil can close above $50 and SPY can close above 238.

Opec is going to announce their decision tomorrow.
I think at $51-$52, it may be all baked in..

Are we ready to sell into this?

Possible DWT play...

Wow...after checking in, it's 15% gain on DWT!

Hey guys, look at the big pull back after OPEC annoucement last Thurs.

Wow..what a move DWT made..
Already recovered half from highs of May.

If oil continues to drift into the lower 46-50 range (now at 48), we may see the highs of 36.xx again.

I think the oil bears will take a break temporarily after relentlessly selling for almost a week already after OPEC announcement.

Hoping for the small bulls to pop back in.
In for long side play overnight.

I'm out for long side play, UWT 4% gain after good API and EIA numbers.
Phew!

Oh dang... shoulda jump into DWT for extra see saw.

This post has been edited by danmooncake: Jun 2 2017, 03:09 AM

Back into oil short to follow the bearish crowd and play a bit here.

The better than expected draw of both the API and EIA this week meant absolutely nothing for the bulls.
No one is buying it.. we just saw a small spike and all evaporated.

I think we'll see WTI oil to drop to 45-46 shortly, which means DWT could see 35-36 again. After market close,
we'll see another rig count increases.

This post has been edited by danmooncake: Jun 2 2017, 10:37 PM

I watched that clip too.. but I'm not so sure if that's the case here. The unknown here is demand could peak in summer time for North America with the draws that already happened in April, yet Oil prices continue to plummet. I think OPEC got no more control.

With Trump's anti-climatic policy, they're gonna go drill even more. Importing less, and with some exports.

Wow... my fav XLE now drops to $65. Haven't seen this price level since last Oct.

Huge divergence since last Oct even since Opec made the announcement about cuts.

It seems like the more OPEC talk now, the worse the Oil market becomes.