Just curious, why the bullish oil play if you're expecting a meltdown? Just don't think there's more room to fall?
I think the market comes up some tomorrow and oil will follow before the next drop. Also believe it is oversold because of the recent drop and it did not rally today with the market. Uco May be a long term play for me.
I shorted S&P and Dow this afternoon with SPXS and SDOW. May have grabbed the SPXS a little early, but grabbed the SDOW right before the closing bell pump. If nothing else, it will be a good hedge to all the stocks I picked up last week and didn't sell today
its a kind of confusing situation based on my cursory read, they aren't included but it seems like the Dems might have snuck their exclusion through as a bunch of Republican senators are trying to find a way they are included in the current framework as well as trying to craft a way to get them into the next bill it almost seems like Dems played on republicans nationalist bent by making the loans only include US based corps, just a subtle language adjustment playing to their priors, and it didn't get caught by some of the guys who would have melted down about it
12+ hours late on response but was on a call this morning with a CEO of a $500mm biz ($1B+ a year ago) who said he had egg on his face for saying nat gas was dead two months ago at his board meeting. Today, his only region that’s looking up is PA Marcellus. I’ve paid well over $500 a night for a hotel in Midland in 2014 and 2018. That’s going to be a scary place that I will avoid the next few months.
Mickey Arison is going to go on a hunger strike in protest and only make 2 trips to the all-you-can-eat buffet at Mar-a-lago instead of his normal 4 each meal
This morning Cramer was like, “I dunno Mnuchin might bail out oil companies”... “Oh wait he called me back to say that is not true, when he calls I have to answer” Not that I ever thought there would be any help but it was a “wait no fucking way” only to see one of, if not both of my households jobs swept away. I know there’s not much sympathy in the oil patch but Texas is going to get hit hard. Houston (4th largest city) and Midland / Odessa may see 50% cuts of high paying / hard working jobs. Again oil is seen as a bad thing in most parts when it’s $4 gasoline prices. When it’s $1 per gallon most of the country is happy, understandably, but it hits a huge part of the population across TX, NM, OK, ND, MT and most aren’t from this area. Glad this is a much more informed/less political thread than the covid thread but I had to lay off 23 y/os today and as someone a few years over 30 that recently paid off my student loans after riding that burden for a while, that killed me. sorry for the rant and don’t want to make this a political / oil thing. Thanks for letting me get this out. It’s going to be even worse the next few months IMO.
I don’t know why but this thread felt like the best way to get it out since it’s strangers. Obviously scared about my job prospects but it’s been a good run Pretty obvious it’s a scare for my job for throwing it in this thread a few nights in a row. I’ll keep it out from now on... thanks TMB carry on
Good luck on the job front man. Couldn't imagine having to go through that situation. GF's dad works in the drilling industry in OK and TX and he got sent home a few days ago. I think most people understand the workers situation in the oil industry. I personally don't have much sympathy for the oil tycoons/CEOs and huge oil companies.
That second part I think is where the O&G business gets killed in the public setting, and I’m right with you. Those golden parachutes were insane, when you look at them now. 80s were a ridiculous time to be a CEO but throw in a volatile business like Energy and it’s hilarious looking at it now (sign me up).
I’m on the lending/banking side of Energy for a bank. Luckily a strict bank on lending standards. But we’re all seeing Energy become the new tobacco and trying to adapt.
Mine is expiring today so I'm trying to find a green low and get out in case it rallies right before close for some dumbass reason.
A few of my 04/17 $14 NCLH puts Are back to even after being down 50% yesterday. Let them ride or get out now?
I'm encouraged by it not bouncing up yet this AM. It's been back positive about an hour after open, every day this week. We might see it plunge a little more today. I'm going to try to ride it out until the afternoon and just hope.
I'm riding my puts to the bottom of the range (220 SPY target) but will offload some 4/6 calls I have as a hedge if we go green today.
Letting this ride through the day? Mine expires today and I'm trying to decide if I want to keep betting on it to plunge or get out while the getting is good.
personally I get out. We have been hovering between -800ish and -600ish all day. Take a little profit if you can because i think the odds are too great we get a 500 point swing at the end of the day. No one knows which way. The market has made no sense and the computers seem to be driving this so think illogically and a 500 swing up is coming. Unless major new news breaks.
So far, all that today's decline has done is form an inside day on the Dow. Inside days or a Harami candlestick pattern (Mother and Baby) in Japanese candle sticks, is usually a reversal pattern, It is almost always found at the end on a significant move. In this case the end of a three day rally. If the pattern continues to develop, it would set up the potential decline to retest the low set last week.
Started to sell half of my short positions right before closing bell, but decided to hold onto them as a hedge over the weekend.
Held onto mine. Might sell that at open because who know wtf happens next week when the stimulus approved.