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supply
NOTE! My USO numbers appear incorrect.
We are going from 80% front contract (June) 20% 2nd month (July)
changed to 40% June, 55% July, 5% August
Less weight on front month, more diversified.
Hit my weekly target on sqqq. I'm out. Thanks Dan ?
Good times!
Contango ain't a dance from Argentina
Thanks Dan??
Nice symbiosis message. I Have a pile a firewood that has been sitting for a while. Saturday night was nice enough to throw some in a firepit, as soon as I lifted a few logs, ants, slugs, worms, even a frog were happily using them as shelter. Decided not to use any of wood from that pile, but did also lightly moved them around as a warning.
Man ! I love your videos !!
stuck in some USL, stop loss didnt trigger, is there a chance it could go to zero or get liquidated?
For all of you wondering how to trade oil with lower contango, use DBO which uses one year out futures.
could gold be in a megaphone pattern? low at 1400 high at 1760
Yeah I couldnt pick a side at the close, unclear, more favor to bulls IMO, so went all cash overnight.
Are there any exceptions to your philosophy about other life? Like, for example, viruses? Plants?
Yup I was working on a deck at my moms house and I had some plywood down for a few days to not get muddy and dirty, when I moved one piece to move to a new spot there was a GIANT salamander underneath sheltering. Literally 9 inches long. I think they eat banana slugs. I left him alone and he watched me work for a really long time. Then when I looked up he was gone 🙂
Entered a bearish trade on SPY today. Still in it. Little nervous but we'll see.
I give no virus no quarter. I do this with a clean conscience. Viri be warned
Was your whole speech about fundamentals vs. technicals cuz of me? LOL. It's okay, you didn't have to shout me out. But again, you've shocked me again by holding overnight. Why? Because you said yourself we're oversold and that you anticipate a bounce coming soon. I don't see why you would risk holding a little less than half your position overnight like that.
I was 50/50 bearish/bullish on technical indicators going into last weekend. One thing that caught my eye was the daily chart on UVXY (leveraged vix futures). It appeared to be slowing down on the dump around the 50 period. Usually that's one of my main indicators, but I've taken a shot there in the past and gotten burned, so I overruled it. My mistake. I thought TVIX was getting most of the action lately, and it had broken it's 50 already.
One last thing though. Though it closed near the lows, I was a little bit confident that SPY wouldn't dump anymore because QQQ tested the 50 day moving avg and bounced hard off it. I use stockcharts for my daily charts. I know different sites adjust/don't adjust for dividends. Stockcharts does NOT.
10:45 When you drew your SMH trendline I was like whoaaaa. Cuz if you drew it from the low, connecting to the middle low, I believe it would still be in the channel. I know you made it quick though. But a break vs not a break is kinda a big deal. But you're right, it should skew towards the break, just need to be aware that it's holding the more generous trendline.
It's funny that you drew a line at 280 for your lower high. Options are implying a 6 pt move tomorrow, so it would be 279ish to the upside. At that point I would exit by long that I've been holding for a loss and reassess. I guess everyone is gonna be waiting there.