ES Journal - 2019/2020

Fine by me... This PA is a License to print... Literally!

 

Closed out long trade on CL. Darn, hard earned money today for sure.

 

Have to be careful with CL----you can't really trade the front months unless you want delivery.-----that being said , this is an ES thread.

 

Considering how much CL plunged yesterday, I'm surprised the equity held up pretty well today.

 

Oil has value.

 

Of course, but what is the fair market value ?
https://www.wsj.com/articles/texas-...-but-companies-are-cutting-anyway-11587486457
Decision date moved to May 5th.
We've got to ask ourselves what is the price of WTI crude going to be on June 19th ?
What can Trump and the White House do to support the price of crude in the next 45 days ?

 

Still long? Is this still the consolidation before the return to peak oil? Staying long oil here?

 

The markets were getting knocked about a tad for Tuesday, gold not bearish, base metals hammered and feeling sore, oil still not bearish, a few traders probably a bit bruised but I think this pullback may last another day, then recover. Wild times atm.

 

When will it become bearish in your opinion ?

 

Well I'm reading sentiment and it's not in any panic atm.