What Did You Buy Today?

[vbin]

(03-13-2020, 01:27 PM)fenders53 Wrote:

(03-13-2020, 01:20 PM)vbin Wrote:

(03-13-2020, 12:53 PM)fenders53 Wrote:

(03-13-2020, 12:17 PM)vbin Wrote: @fenders53 I haven't touched my oil other than what I bought last week. Oil will go up, $20 ain't sustainable, the question is 6months, 1 year or 2 years. Like u said, low oil prices kill low oil prices.

You are correct, $20 oil is definitely not sustainable.  We need sustainable $50 oil.  How is the gonna happen with your Corona/recession thesis?  Majors were dropping like a rock well south of 50 a barrel.  I no longer see a path.  Only good for trading and a small gambling position.  Admitting I made a mistake early enough is usually good for my portfolio's health.  Had I bought a major at this weeks prices, all would be well, but I missed by months along with most every active poster here.   I'm pretty confident in that statement.

If trump really wants. He can do the same he did with China. Just put tarriffs on oil and boom overnight oil prices go to $50. U.s.a hardly has 20-30% oil surplus.

I don't think he is going to do that yet becouse cheap oil helps with economy. For short term there is pain but I am not convinced to take a loss on oil majors. This is going to  rebound one or the other way.

He has MANY times stated he wants cheap oil, and cheap gasoline.  It's here.  Paying frack worker unemployment benefits no big deal.  Just put it on our deficit tab.  Some other Prez can deal with it later.  Oil will rebound to $40-45 by late summer.  Not good enough for my failed oil investment thesis I once had.  I'm the bear now lol.

He played very well then becouse he just announced we will be buying oil for strategic reserve, they can keep buying a million barrel a day for next 2 years. That's wonderful.