We have a lot of resistance in that price area, so we might not even get there. But if we do, that would be an area to enter shorts. If you are going to trade this market, it's best just to wait for the dips and buy. The market feels about 3/4 of the way through this selloff. That last 1/4 could push the market back down to 1120, or we can just get a soft selloff down to fill the gap around 1150. We could just blasting higher from here in a relentless rally but that is the lowest possible scenario in my view.
Thought we would not trade above 1200 today so this market is stronger than I expected. Stronger than many expected. Be careful on the short side.
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9 comments:
Getting Long RIG here at $42.20
RIght now, market is trade what you see at the moment. Speculating a day or two ahead is not good.
no further fallout...or more kicking the can and we continue this rally well into December. We are just getting started. Bank on it!
and if we do go down, the first try will be bought. So no drastic downturn the first try anyway.
Why get long RIG? Oil isn't going to rally here, service plays likely to stay on the floor
Nervous trading before the jobs report on Friday.
Oil service names and crude oil correlation broke 2 weeks ago. $100 oil most likely the limit for economic hope going forward
The oil service company and drillers like rig are coming into an inventory rebuild. There is a huge catalyst long term for the drillers. If you have a 1 year time horizon you could double your money with RIG.
Oil is going much higher from here. Much much higher
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