(03-06-2020, 04:49 PM)fenders53 Wrote:(03-06-2020, 03:24 PM)vbin Wrote: I would be crazy to not add oil at these prices. Added more OXY. A bit XOM, PHX.
We are safe until Monday unless Otter figures out how to short weekend oil futures lol.
I was reading today that the funds have invested heavily into oil stocks and there maxed out. Meaning they can’t add any more. And they are got in much, much higher then current levels. This is the most heavily shorted area in he market. Any good news and it’s off to the races. This reminds me of 2002 and again in 07-09 when no one wanted oil. I believe we were at like 20 dollars a barrel. But after they bottomed they came roaring back. I see the same thing happening here. Not sure how low we go. But under 40 a barrel is coming. I just wonder if these companies can continue to payout dividends or at least have to suspend them. It’s definitely something to keep an eye on. I want to buy VLO and EOG, but I’m not sure it’s the right time to jump in yet. Long term I’m sure you will do well. It’s the short term I’m worried about. I made money on XOM trade last week. Picked up 3 points and sold. I’m looking to trade in and out of some names in the short term, and will go long when i see things improving.