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wiggaplz
01-21-2009, 09:47 PM
Anyone else anticipating a huge drop in the near future? Dow is up 35% from it's lows at the present moment.

Inzane
01-21-2009, 10:06 PM
Sold my BCE shares today for a nice 17% profit.

The only crappy thing is the dividend payout last week came to me in the form of a reinvestment. So now my account is left with a few extraneous shares that didn't sell today because of the odd lot number. D'oh!

How the heck am I going to get get rid of a lot of less than 10 shares? :dunno:

broken_legs
01-21-2009, 10:10 PM
Originally posted by wiggaplz
haha I love this thread....simply everyone trying to time the oil prices and predict bottoms.


Originally posted by wiggaplz
Anyone else anticipating a huge drop in the near future? Dow is up 35% from it's lows at the present moment.


You mean the lows in 1933???


We're only 400 points above the lows set in November


I love this thread...

civic_rida
01-21-2009, 10:16 PM
well lots of reports are being release tomorrow.

unemployement figures , housing starts, and oil inventory.

e36bmw///
01-21-2009, 10:27 PM
nm

rizfarmer
01-21-2009, 10:32 PM
anyone get in on the GS and JPM train today?

dj_honda
01-21-2009, 10:36 PM
Originally posted by broken_legs
This is my prediction on oil for the next 2 weeks:



OR THis:




I will be selling HOD when we go back to the trend line, and buying more HOU for a third retest of the 50-55 dollar level:



inventory reports are out on wednesdays! just this week its thursday cuz of the holiday.

at least thats what i thought.....:nut:

DJ_NAV
01-21-2009, 10:43 PM
^be wary of GS... it's a bank.

civic_rida
01-21-2009, 10:43 PM
yup they are coming out tomorrow

broken_legs
01-21-2009, 11:25 PM
Originally posted by dj_honda


inventory reports are out on wednesdays! just this week its thursday cuz of the holiday.

at least thats what i thought.....:nut:

http://www.eia.doe.gov/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/schedule.html

Yes you're right ;)

I'm not going back and editing my sweet as paint chart though. haha

Oil still sells off immediately after the report. Whats interesting is the rally to $50 (or $55 for March oil) happened from the low of inventory sell off on a Wednesday. I'm expecting to see the same tomorrow.

edit:
Heres the actual report from last week, there are some interesting charts in there...

http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/pdf/wpsrall.pdf

max_boost
01-22-2009, 12:29 AM
Originally posted by wiggaplz
Anyone else anticipating a huge drop in the near future? Dow is up 35% from it's lows at the present moment.

4000 DJIA!


Originally posted by civic_rida
well lots of reports are being release tomorrow.

unemployement figures , housing starts, and oil inventory.

It better be ALL NEGATIVE. I need confirmation!


Originally posted by e36bmw///
if oil drops, say to 40 tomorrow

thats a 10% drop, so HOD would be up 20%??

Yes. It should.

Inzane
01-22-2009, 12:54 AM
Originally posted by max_boost
4000 DJIA!

It better be ALL NEGATIVE.

Why the hell would you wish that on all of North America?

For personal greed? :dunno:

max_boost
01-22-2009, 01:03 AM
Originally posted by Inzane


Why the hell would you wish that on all of North America?

For personal greed? :dunno:

Capitalism wasn't built on altruistic attitudes. :devil:

eljefe
01-22-2009, 08:15 AM
Oil off at 9AM EST by 50 or 60 cents, mixed economic news US new home starts down, Value of Building permits down, initial claims up- some higher than expected earnings....... I hope for you HOD'ers that oil sinks and lets you out with some profit then soars back up and lets the HOU'ers get out with some profits. And I hope the financial sector holds the gains from yesterday so I can keep my ups from yesterday. I'm out on the road for the day and not trading..just holding some financials. Good luck and good profits to you all !!

e36bmw///
01-22-2009, 08:28 AM
nm

SilverRex
01-22-2009, 08:29 AM
oil now at 42.78 which is right at the trendline, it was at 41 yesterday.

this is do or die territory

while it looks good over all that oil should find a way to 49, a break below this could cause oil to trickle down to 40 again.

as for gold, it just bounced off the 1 hour trendline and EMA support. I would say it will try to fight 860 again with the upside to 870 I would not worry unless gold breaks below 842

e36bmw///
01-22-2009, 08:38 AM
nm

DJ_NAV
01-22-2009, 09:10 AM
^report is out at 11am EST, 9am calgary time.

civic_rida
01-22-2009, 09:17 AM
we are probably gonna flat line till the report comes out.

bigbadboss101
01-22-2009, 09:18 AM
I put a sell on HOD before I left the house and it opened at that price. Not bad, sold 1/3 of my position at a bit of a gain.

broken_legs
01-22-2009, 09:21 AM
Well that worked pretty good:

http://i274.photobucket.com/albums/jj259/broken_legs/Jan22.jpg

I'm going to sit on the sidelines until the report is out this morning.

SilverRex
01-22-2009, 09:22 AM
hmm I guess 41.64 can be the trendline that was broken yesterday (now acting as support), so oil can get back on a swing upward if I gets back above 43

of course the inventory announcement would I think have some sort of effect but we will see. Oil still bullish short term in my books so long it holds above 41

civic_rida
01-22-2009, 09:45 AM
so nervous

DJ_NAV
01-22-2009, 09:52 AM
where are you going to check the report results? would it just be on business section finance news? if so which website?

broken_legs
01-22-2009, 10:03 AM
wELL IM IN hod AGAIN

civic_rida
01-22-2009, 10:03 AM
Oil prices plummet after government reports much bigger-than-expected rise in crude and gasoline inventories. More soon.

DJ_NAV
01-22-2009, 10:07 AM
HOD is still a bit rocky... what are your orders at? I'm thinking conservative so looking at about 29-29.25...
edit: sold for 29.10. just taking my safe 5% gains... not after the peak... done that before and learnt my lesson.

max_boost
01-22-2009, 10:07 AM
I knew it! :clap:

civic_rida
01-22-2009, 10:08 AM
hod isnt doing much i thought it was going to jump.

civic_rida
01-22-2009, 10:09 AM
its actually droppin now.

dj_honda
01-22-2009, 10:10 AM
it just hit its day high? 29.36..

DJ_NAV
01-22-2009, 10:10 AM
ranging from 28.80 to 29.35 within a minute itself.

civic_rida
01-22-2009, 10:11 AM
sorry im watching on google seems to be delayed.

dj_honda
01-22-2009, 10:12 AM
your broker should offer real time quotes...

oil just hit a day low...

civic_rida
01-22-2009, 10:14 AM
seems like rbc is delayed too.

DJ_NAV
01-22-2009, 10:15 AM
using questrade here and it updates real time i believe. but with hod and hou being so volatile the price changes almost every second.

dj_honda
01-22-2009, 10:17 AM
yea im using both questrade(me) and td(my dad) and they are both ok.

i got in on hod again yesterday at 26 after stopping out at 27. i was worried at the end of the day yesterday but now im happy :D a bit more and it will erase my losses from yesterday

bigbadboss101
01-22-2009, 10:17 AM
Yup, in and out people can play with HOU and HOD.

It's kind like the Katy Perry song, Hot and Cold, In and Out.

djayz
01-22-2009, 10:30 AM
Damn this thread has grown huge since i last checked!!!

So what's the consensus on oil? as i've been out of the game for 4 weeks :(

I see everyone's been making a killing on hou and hod nice work :thumbsup:

max_boost
01-22-2009, 10:35 AM
Hanging on to HOD
This is it baby, $30 oil here we come! If we are going to make it there, it'll be quarter 1, right here, right now! Let's get this done before the stimulus plan is unveiled! HA!

Look at these headlines! Rally? What rally? It was a farce!



Housing Starts in U.S. Tumble 16% to Lowest on Record as Credit Dries Up.

U.S. Initial Jobless Claims Rise 62,000 to 589,000, Matching 26-Year High

U.K. Home Repossessions Almost Double, Manufacturers' Confidence Declines

Singapore Lowers Corporate Tax, Spends Record Amount Amid Worst Recession Singapore cut corporate taxes for the second time in three years and said it will tap its reserves to fund record spending amid efforts to drag the island’s economy out of its deepest recession since independence.

China's Economy Grew 6.8% in Fourth Quarter, Slowest Pace in Seven Years China’s economy expanded at the slowest pace in seven years as the global recession dragged down exports, increasing pressure for more government spending and lower interest rates to buoy growth.

U.S. Mortgage Applications Index Declines 9.8%

European Industrial Orders Decline Most on Record as Recession Cuts Demand

French Consumer Spending Declines More Than Expected as Unemployment Rises

max_boost
01-22-2009, 10:37 AM
Originally posted by SilverRex
hmm I guess 41.64 can be the trendline that was broken yesterday (now acting as support), so oil can get back on a swing upward if I gets back above 43

of course the inventory announcement would I think have some sort of effect but we will see. Oil still bullish short term in my books so long it holds above 41

So what's it looking like new? Downward spiral? What's the analysis based on today's events? I'm hoping to see under $40 today hehe

SilverRex
01-22-2009, 11:02 AM
yes short term picture just turned negative because of the disappointing inventory numbers. but over all oil still looks good technically anything at or below 40 will increase demand for buying (especially for positional, and long term traders)

therefore caution is advised when going against oil, its not that there isnt any chance for it to hit 30, its the fact that anything 40 or below sparks buying so it will be quite volatile.

broken_legs
01-22-2009, 11:30 AM
I just went long oil again haha

SilverRex
01-22-2009, 11:42 AM
ok here is my take over all.

I think...

dow will make a triple bottom here some where in the 7500-8000
and the timing of the obama 825 billion package will be the catalyst to spark a major rally.

While I think this triple bottom dow will hold, but the resistance will be at about dOW at 10k which is the 200 moving average.

Then I foresee a sell off to begin, this will be the big players unwinding all their position and leave the rest of the world bag holders as the big sell off to 4000 DOW begins.

What this means.

the rally to 10k DOW will lift all markets, including oil, also it will surpress the gold and silver somewhat.

Because as the market rallies, initially gold and silver will drop.

I see gold and silver to have at least another crash to 800 with my target of 770, since the daily chart and weekly chart is near an over bought and need to come back down to line up with the oversold on the monthly.

so short term, oil will continue to find plenty of support at 40 and 37.

lower oil price will probably not begin until both the oil and DOW big rallies comes to past.

And with the DOW's flight to 4000, that only means one thing. gold will hit new highs. then follow by silver since silver lags behind gold in a bull market but ends up higher in the end

After all, the money that the fed printed will not get to the market in time. Yes the world will recover amid after another historical crash.

the asian market is now predicting this.

what is there to do?

Try not to think the market is back on tract when it rallies significantly instead. use this as an opportunity to get out and wait it out.

Or like me, start adding gold to your investment :)

but of course if you dont believe in 4000 DOW, then this is it. and you can still trade with the knowing that when it hits 10k DOW its time to take your profits and wait because the 200 day moving average will certainly bring it back down to earth.

max_boost
01-22-2009, 12:04 PM
When you say gold, HBU or HGU? Or physical gold?

4000 DOW is going to drag the TSX along with it. The gold stocks should flourish if gold moves up rapidly with the crash of the DOW. Yes? No?

4000 DOW will also drag oil into the $20's. Equities and oil are now linked as one.

Too much wishful thinking out there. You don't compare it to the Great Depression and have it end in a year. This is extremely negative but the only thing Obama's stimulus is going to do is rally the markets short term before it crashes. He has to do something but it is geared towards mostly infrastructure and that will take time to get going.

More bad news to come........

broken_legs
01-22-2009, 12:11 PM
and im neutral again

and im long oil again

civic_rida
01-22-2009, 12:12 PM
why is hod not moving up

SilverRex
01-22-2009, 12:30 PM
Originally posted by max_boost
When you say gold, HBU or HGU? Or physical gold?

4000 DOW is going to drag the TSX along with it. The gold stocks should flourish if gold moves up rapidly with the crash of the DOW. Yes? No?

4000 DOW will also drag oil into the $20's. Equities and oil are now linked as one.

Too much wishful thinking out there. You don't compare it to the Great Depression and have it end in a year. This is extremely negative but the only thing Obama's stimulus is going to do is rally the markets short term before it crashes. He has to do something but it is geared towards mostly infrastructure and that will take time to get going.

More bad news to come........

yes this is purely on my own believe and of course past history some times may not protray the future.

regardless I think we will see a good rally coming.

and for gold I buy bullion and silver and gold spot only (it is like trading money except with margin. while history does show that gold stock performs very well I will not overly expose myself to it. we all knew what happen when funds sold off gold stocks.

anyone have the guts to short the nasdaq? or S&P? they have that in the betapro line ups

broken_legs
01-22-2009, 12:42 PM
Shitty,...


My TSX RT quotes and level II isnt working anymore

this could be trouble!

Z_Fan
01-22-2009, 12:49 PM
Well, it's 2PM ET now, and that is usually when the OIL rally happens. With the exception of just the last couple days, it has done a big rally in the last couple hours every single day for the last 7 or 8 trading days IIRC.

:dunno:

max_boost
01-22-2009, 12:49 PM
Originally posted by SilverRex


yes this is purely on my own believe and of course past history some times may not protray the future.

regardless I think we will see a good rally coming.

and for gold I buy bullion and silver and gold spot only (it is like trading money except with margin. while history does show that gold stock performs very well I will not overly expose myself to it. we all knew what happen when funds sold off gold stocks.

anyone have the guts to short the nasdaq? or S&P? they have that in the betapro line ups

Possibly but needs signs that we are going into 5-6000 range first.

This is just more or less messing around with the markets and trying to make something in a bear market. This probably goes for most, I've easily lost a lot more in declining values on my primary and rental properties than I did with HOU. Now with Jan business revenues down I'm on pace for one of my slowest months in a long time.

While I will probably stand to profit some on an oil slump, in the long run I need things to recover too. These stock gains are peanuts compared to the potential business/commercial side of things.

broken_legs
01-22-2009, 01:00 PM
Originally posted by broken_legs
Shitty,...


My TSX RT quotes and level II isnt working anymore

this could be trouble!

got a quote, HOU looking good :bigpimp:

max_boost
01-22-2009, 01:01 PM
Oil is rallying.

max_boost
01-22-2009, 01:08 PM
It's rallying because????? :dunno: :nut:

Z_Fan
01-22-2009, 01:11 PM
I already told you.

It's because it is after 2PM ET. That's when oil rallies. Seriously, go back to last week and look at each individual day charts. Same thing. Rinse and repeat.

I'm pissed about it because I sold out of my HOU at 7.88 and then it got to be near 2PM and it was 7.94 and I was thinking I should just buy back in cuz the rally will be coming shortly.

But I didn't.

Could have made a lot of cash. It went from 8.17 to 8.35 in like 20 seconds.

max_boost
01-22-2009, 01:13 PM
Yeah I saw your post. But rally for what? Another stupid dead cat bounce? The news isn't getting any better, why so much resistance? Just drop damn it! :rofl:

Z_Fan
01-22-2009, 01:17 PM
I dunno why it happens. But that is my technical analysis, with out all the fancy charts and BS. Which proved to be correct as I posted well before the rally happened. Hahahah...

Kind of ironic that I missed that ride just because I didn't want to change my buy order. Hahahah. :poosie:

broken_legs
01-22-2009, 01:23 PM
Rode HOU from 7.83 to 8.13 (ECN WAS DOWN!!!!) FUCK!


Just hopped on HOD for a quick buck at 25.97

SilverRex
01-22-2009, 01:35 PM
Originally posted by max_boost
It's rallying because????? :dunno: :nut:

there is plenty of reason why oil rallies.

because technically the higher level charts are showing a bullish move thus smart traders would gear down to lower level charts such as the 1 hour to look for a buy setup.

yes yesterday price advanced and broken some trendline that made it higher. but remember the current bais is up therefore when price crashed, everyone was looking to get back into play.

and what more can you ask by entering oil at 41.25 (200 moving average) Especially the same 200 day held the fort on the 20th, and it helded again on the 21st.

think of it as a battleground. every trendline, moving average, previously resitance and suppot, hidden pivots are all battlegrounds. the bulls clearly won this past few days when price was at 41, so the shorts retreat higher because they had won when oil first hit 44, and another time on the 20th morning.

fortunately for the bears the report this morning scared of alot of bulls, no bulls want to take a suicide attempt so they back off and thus the bear had their day all the way back to 41 dollars where all the bulls line up for yet another fight. and again the bulls took charge once again.

that is why if you expect 30 dollars, it gets more difficult, because there are more defenders as price drops further, and the longer 40 dollar price holds, the more bulls will come in because they are lured in with the fact they spotted a bullish sentiment on the higher level charts.

I just dont have time to watch this 24/7 otherwise, the way to go is day trade.

max_boost
01-22-2009, 01:36 PM
Originally posted by Z_Fan
I dunno why it happens. But that is my technical analysis, with out all the fancy charts and BS. Which proved to be correct as I posted well before the rally happened. Hahahah...

Kind of ironic that I missed that ride just because I didn't want to change my buy order. Hahahah. :poosie:

It always happens to you :rofl:


Originally posted by broken_legs
Rode HOU from 7.83 to 8.13 (ECN WAS DOWN!!!!) FUCK!


Just hopped on HOD for a quick buck at 25.97

You are a machine! I just don't have what it takes to day trade. I'm already as tense as it is watching things lol

civic_rida
01-22-2009, 01:43 PM
this is crap. Totally not what i thought was gonna happen today.

DJ_NAV
01-22-2009, 01:51 PM
^shoulda got out at 29ish.

max_boost
01-22-2009, 01:51 PM
^

:werd:

TSX down over 200pts.
DJI down over 100pts.

Oil price down $0.35. :bullshit:

max_boost
01-22-2009, 01:55 PM
I'm just trying to be a realist here. Forget what the charts say, all that shitty news comes out today and oil somehow manages to climb back up to break even almost. I am absolutely baffled. I'm sticking to my guns. $30 oil this quarter.

I'm going to need to take a break from trading. Clearly not my thing. :rofl:

szw
01-22-2009, 01:58 PM
Originally posted by max_boost

I'm going to need to take a break from trading. Clearly not my thing. :rofl:

dude go play some 4/8

civic_rida
01-22-2009, 02:01 PM
:banghead: for not selling at 29

DJ_NAV
01-22-2009, 02:02 PM
I'm glad I pretty much cashed out everything. Only have hgd at the moment... which too i might cash out tmw. Gonna take a break to start fresh again.

bigbadboss101
01-22-2009, 02:09 PM
I have HGU. HOD I think will be back up. Then up and down we ride.

civic_rida
01-22-2009, 02:13 PM
When is obama's speach on the bail out coming out?

e36bmw///
01-22-2009, 02:15 PM
nm

max_boost
01-22-2009, 02:20 PM
Originally posted by civic_rida
:banghead: for not selling at 29

Trust your gut sometimes. I believed it was the beginning of the spiral down so that's why I didn't sell.


Originally posted by civic_rida
When is obama's speach on the bail out coming out?

Working on it and it should be ready in a couple weeks. That will definitely stir the markets up no doubt. I might sit back and wait till the buzz is over.

The stimulus won't work. It'll increase confidence and that's it. Reality will set in again.

max_boost
01-22-2009, 02:23 PM
Originally posted by e36bmw///
exactly what i thought would happen thanks to reading SR posts

when reports came out HOU dropped from 8.20 to 7.40 in a heart beat

bought it, knowing it will go up, sold at 8.25 cause i set my limit

didnt have a computer on me, would have sold for more clearly, but still sick money!!! :)
good luck everyone

Well played. :thumbsup:

civic_rida
01-22-2009, 03:17 PM
bought more hod.

natejj
01-22-2009, 03:44 PM
Originally posted by e36bmw///
exactly what i thought would happen thanks to reading SR posts

when reports came out HOU dropped from 8.20 to 7.40 in a heart beat

bought it, knowing it will go up, sold at 8.25 cause i set my limit

didnt have a computer on me, would have sold for more clearly, but still sick money!!! :)
good luck everyone

:banghead: :banghead: :banghead:

This was my plan too today. I placed the order with CIBC Investors Edge Account I just opened up.

Because it was my first trade with them, i had to have the money in the account already. So it got rejected, and I didnt get my stupid shares. Damn you CIBC. Damn you.

civic_rida
01-22-2009, 04:03 PM
So anyone still holding hod?
If so how well are gonna sleep tonight?

bigbadboss101
01-22-2009, 04:17 PM
Originally posted by civic_rida
So anyone still holding hod?
If so how well are gonna sleep tonight?

I lost enough over the past 5 years and is desensitized about the smaller gains/losses.

max_boost
01-22-2009, 04:31 PM
Yeah I still have 2000 shares at $28.50.

Set my stops at $24.00

I'll sleep fine. I always sleep fine.

I just don't get what's going on. Like SilverRex said, there has to be some hardcore insider buying going on that's keeping the price up. So much resistance.

The news wasn't good at all today.

Housing starts down.
Unemployment up.
Inventory up.

TSX down 271pts
DJI down 105pts

Oil is only down $0.40-$0.50 range :facepalm:

Tomorrow's going to be interesting. Any hint of a rally to test $50 and I'm switching it all over.

civic_rida
01-22-2009, 04:34 PM
lol that will come in the afternoon

broken_legs
01-22-2009, 04:35 PM
Today proved to me that oil is not going down below 40 for another couple weeks.

I made a few bucks on the way up, so I missed the big move today(ECN WAS DOWN FUCK!) Bought some HOD on the way down towards the end of the day, sold it for another quick buck.

Now I'm all in on HOU. I've already booked a few K so I have a buffer of profit in my account if things go south on me (but they wont) Tomorrow we open with HOU in the high 8's/9's and by Monday/Tuesday we are going to be testing 50 dollars again.

This time I'm going to bite the bullet and actually hold onto a position for a few days as opposed to a few minutes haha

DJ_NAV
01-22-2009, 05:29 PM
I wouldn't risk it too much with HOU at the moment, just stick to your realistic gains(5-10% or whatever it is), and make your buck. Chasing the $50 oil can take a while and you might end up more losses if it doesn't hit it.

civic_rida
01-22-2009, 06:13 PM
If oil was 50 dollars what would hod be worth?

civic_rida
01-22-2009, 06:13 PM
just curious

e36bmw///
01-22-2009, 06:25 PM
nm

e36bmw///
01-22-2009, 06:26 PM
nm

badlivertt
01-22-2009, 06:26 PM
anyone have insight into rumors of kinross gobbling up yamana? i'm balls deep in GDX and YRI so imma wondering.

broken_legs
01-22-2009, 06:31 PM
Originally posted by civic_rida
just curious

11-13 dollars depending on how many days it take to make the move there. The more days it takes the higher the price because the intraday percentage gains will be spread out over more days.

7.5 increase/42.5 price of oil = 17.6%

17.6% x 2 = 35%

$8.30 price of HOU x 1.35 = $11.25ish



say it moves 2 dollars higher each day for 4 days:

2/42.5 = 4.7% x 2 = 9.4%
8.30 x 1.094 = 9.08
----
2/44.5 = 4.5% x 2 = 9%
9.08x1.09 = 9.89
----
2/46.5= 4.3%x2 = 8.6%
9.89x1.086 = 10.74
---
1.5/48.5= 3% x 2 = 6.2%
10.74 x 1.062 = $11.40


At least this is how I understand how the price movement works. Maybe Max Boost can explain it better?



Originally posted by badlivertt
anyone have insight into rumors of kinross gobbling up yamana? i'm balls deep in GDX and YRI so imma wondering.

No, but please update me when you hear more! Very interesting!


Originally posted by e36bmw///
hey b legs

you think Hou will open that high tomorrow??

im hoping for a quick 7.50 drop so i can buy some more haha

then skyrocket

I think it opens even or higher. I'm all in.

max_boost
01-22-2009, 07:43 PM
^

Yeah that's the idea on the calculations.

Whatever % movement on the oil price, take it and X2.

Anyway, you went all in on HOU? :eek: That's gangster man.

Not looking so good right now as futures are down $1 though.

Hard to say what that means because 90% of the trading is done on the NYMEX.

I still can't believe what happened today. There is some higher power out there rallying (buying up) the oil price. There's no way with all that negative news across the airwaves and the damn thing drops only $0.60. I was so pissed! lol

Well, you are all in on HOU and I'm all in on HOD. I know you are a chill guy and I am too (HA guys) but one of us is going to get burned. Chances are it's going to be me. I have the worse luck possible. I switch at the wrong times and get burned at both ends.

eljefe
01-22-2009, 08:04 PM
Originally posted by max_boost
^

Yeah that's the idea on the calculations.

Whatever % movement on the oil price, take it and X2.

Anyway, you went all in on HOU? :eek: That's gangster man.

Not looking so good right now as futures are down $1 though.

Hard to say what that means because 90% of the trading is done on the NYMEX.

I still can't believe what happened today. There is some higher power out there rallying (buying up) the oil price. There's no way with all that negative news across the airwaves and the damn thing drops only $0.60. I was so pissed! lol

Well, you are all in on HOU and I'm all in on HOD. I know you are a chill guy and I am too (HA guys) but one of us is going to get burned. Chances are it's going to be me. I have the worse luck possible. I switch at the wrong times and get burned at both ends.

Nikkei down almost 3% right now as well. And damn if my early morning thoughts on HOD jumping up early and HOU coming back later didn't come true, if only my hopes on the financials holding yesterdays gains didn't pan out too!! Damn glad I got out of COS a couple days back too, it set a new 52 week low right down to 16.95. I might buy it back except that the 4th quarter earnings come out the 28th and after Suncor's 250 million dollar loss COS could get burned even lower.

broken_legs
01-23-2009, 06:54 AM
Oil is at 42.76.... Looks pretty good but like you guys said everything else is looking UGLY

yikes lol


ediT:

i'll be on the rig handling tools this morning, i have an open position in HOU... ergh


But the overnight chart looks really good, there is still a nice trend line forming

SilverRex
01-23-2009, 07:49 AM
Friday

ok let see oil is at 42.60 at 6:39 am.

over all still looks good for oil to head to 49 since 41.25 on the 200 day rejected the bears yesterday.

based on trendline, key support today is at 41.50 and risk to 41.00, for bulls this will be the buy back if oil creeps down. for shorts their fight will be some where around 44.50 if it gets there.

all chart still pointing up. since oil price continues to hold well above 40 dollars. This bolds well for bulls.

although premarket is down for DOW, really we are at the juncture of finding a bottom. Could the 800 billion obama package really be what the market is waiting for? we'll know soon.

on the gold and silver front. its now at 870s as I saw it yesterday morning. this is also at a very important juncture since if 870 does not hold it will head to 920. So bears will try to push it down from here. I would want it to come down back to 770-800 area, but no one has a crystal balls, Gold is either going to sell off at this level or at 920. Either way it appears this would line up perfectly when the stock market rallies.

What is not note is, the US dollar index gain strength and so did gold, now its be more than a few times now that this occured and its important to note since gold price typically moves inverse of the dollar's movement, having both going in the same direction only means one thing. Either gold is about to collasp or the dollar is. it will be important to see how it unfolds.

if I Was a guessing man, I'll say gold will come back down. let the market prove me wrong. :)

EDIT: looks like gold wants to test 920 lol

max_boost
01-23-2009, 08:37 AM
I'm up early! lol

Gold up $20!
Oil down $2!

Trying to sell my 2000 shares of HOD at $29.50 and then jumping ship to HOU as it pulls back. Going with a day trader's mentality now. Quick gains back and forth. Here all morning monitoring BNN and I'm jacked up!

civic_rida
01-23-2009, 09:13 AM
yea that would be nice but i dunno if we will see hod at 29.50

bigbadboss101
01-23-2009, 09:29 AM
Not much activity, less than 400,000 shares so far.

civic_rida
01-23-2009, 09:30 AM
what a train wreck.

max_boost
01-23-2009, 09:33 AM
^

lol

A lot of resistance. Oil is fighting hard!

TSX has rebounded.

DJI still down. What's the trend looking like? It fell under 8000 again.

Still early in the day.

bigbadboss101
01-23-2009, 09:35 AM
I just sold another chunk of HOD. Watch it jump up to $29 now :rolleyes:

civic_rida
01-23-2009, 09:39 AM
me too sold hod made 100 dollars:poosie:

DJ_NAV
01-23-2009, 09:49 AM
missed out on buying hgu this morning:banghead:

max_boost
01-23-2009, 09:54 AM
Originally posted by bigbadboss101
I just sold another chunk of HOD. Watch it jump up to $29 now :rolleyes:

Thanks guys!

Now it's for sure going to spike! jk :rofl:

bigbadboss101
01-23-2009, 09:57 AM
Don't laugh. It was dropping and I sold a portion at 27.4 and immediately it went back to 27.7x.


edit--

Now it's dropping. Buying opp coming up? Or would you be weary of the DOW rally?