Long 1 May CL from 52.51 . . . Stop(GTC) $52.30
Long 1 Dec 20 emini CL from 49.50
Long 1 Dec 21 emini CL from 50.50
Short 1 March 50.00 put from 1.51
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Short 2 Dec 22 Euro Dlrs from 97.42.5
Short 2 Dec 23 Euro Dlrs from 97.30
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I do not have stops on any but the first position, but the short $50 put, I would seriously think about getting out of if WTIC close below $52.00 at this point. The 2 eminis I have, are in the money a lot and it would take new lows in WTIC for me to panic. The 4 short Euros, I am not sure where my stop is. I would depend on what oil was doing. If oil were still slowing going up, I would possible sell more Euros, but if oil were to close below $49, AND Euros were going up, no doubt I would cut my losses and get out.
Overall, I am an enormous BULL in Oil at this time, and think we are headed above $100 sooner rather then later, with or without a war. I am hoping to hold the two eminis until expiration or $200, which ever comes first.
If oil is headed much higher, interest rates have no place to go but up.
Richard,
Thanks for sharing that with us.
Are you thinking that oil might be going higher?(just kidding)
Previous oil market posts:
Got out of my short put at 0.90. and was stopped out of my May long WTIC.
Oil is really breaking down today. I have a feeling that the low will be made within the next 24 hours but am not sure where I will try to get long again. Patience.
Called the CFTC and they are going to be publishing all the back reports and will come up with a schedule and will post that info on there web site within the next couple days.
I know it is not a good trading practices to get back in after getting stopped out, but the 1hour RSI is at 18, so I re-entered from the long side buying a May at $52.25 with $51.75 stop. It is also normal for the market to turn around on a late Monday/early Tuesday and it is also normal for the market to display weakness into an FOMC meeting. FOMC starts tomorrow. Time will tell.
also, today's low in USO touched the 50 dma so a stop below that could hold.
I am so happy I jumped into Oil after getting STOPPED out. (Stopped at $52.30 May. Now long from $52.25) This is a very powerful bull market we have now entered. This is the year we see $100 WTIC. Should make for some great trading.
Pretty crazy.
The weather had been pretty bullish for heating oil earlier this month with brutal cold on extended maps meaning high residential heating demand in the Northeast. HO gained something like 7c on RB during that period and I think was helping to drive prices higher.
Those forecasts started verifying last week with this extreme cold..............that was dialed into prices a long time ago.
The new extended pattern that was looking much milder was being dialed in last week. That will start at the end of this week.
Now, its uncertain how much cold the Northeast will get in February.