We're gonna get a Tweet. Trump can't let our domestic production dry up. I don't know what he can do, tariffs sound easy enough, but I'm not sure how or if that would even work. Texas is heading for a recession if something doesn't give.
I am sure my long term targets have all been traded in the cash markets. Right now a bunch of dumb "professional" traders are fighting the inevitable in the futures "market." $USO is a long term put that should expire worthless.
From what I heard tariffs would not work that well. First: tariffs on what product? Crude only? Then other products will be imported. All oil products? Then a lot of US companies will suffer as well. Second: apparantly US refineries are specialised in working with foreign oil, not the US oil which has different characteristics. To me it seems like the only thing that could save oil is demand rising drastically again.
Ya know what's funny, we are right where we were at back in August of last year. Now we have oil going to $12, 2/3's of the U.S. airlines fleets parked, and what(?), 20 Million new unemployment claims... Yeah... the VeeZeee top of 2975 shall remain inviolate.
Actually we were here in oct of last year. The biggest black swan in near 100 yrs and were not down squat now. I was actually short from the friday day end ramp and covered today.I'm seeing very little selling .Banks hardly down now. Buying started on friday. I'd rather short at 2750 when i see real weakness than here .
Being right on the direction is nice, but very over rated for trading. For investing / preparing for macro switches in economy it's nice.