(03-08-2020, 11:40 PM)vbin Wrote: Oil is down 30-35% today.
I don't think it will stay there long if it really drops that low tomorrow. It may well be as volatile as SPX has been lately. The whole world knows Saudi doesn't really want to dump oil that cheap on the market. I have no doubt they might do it for a month though to bring others to the negotiation. They've done it before. Unfortunately both Russia and S.A. called each other out a little too publicly. Nobody is backing down 100% now. Kinda like trade negotiations using Twitter to talk some trash.
This may be the last time I tangle with oil. I am going to keep my cool and leave right though. If that means holding it for years and selling some covered calls, I guess that's how it will be. The only sector that has never rewarded my patience if I held long enough. I'm really starting to hate commodity based stocks.