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Value of oil is negative because it costs more
to produce than you can sell it for.Some items do go negative like some old cars,
which you have to pay to be taken away.Never give up, never surrender.
Dow still not closed the friday gap.
I am waiting to add my 2nd half of the long.
What a day it has been and it’s only monday.
The real action is still to come !
Never give up, never surrender.
Value of oil is negative because it costs more to produce than you can sell it for. Some items do go negative like some old cars, which you have to pay to be taken away.
Ofcourse Chris. However basically the price is signalling that you can take the 1000 barrels of Oil of me and also I will pay you £35000 for doing so. Massive anomaly consider June is still trading at $22.
So if someone is short May contract, will they be paid out basis -$35 settlement price?
Very interesting to see. No one of Bloomberg and CNBC has been able to explain it nor have they ever seen it before.
Plan your trade, trade your plan!
If its a high at 16:30, I will sell it.
HOD was 16:35 in RTH. Very pleased with all trading today and bias so far.
Tomorrow gets trickier for me. Waiting for globex reopen in 10 minutes.
Plan your trade, trade your plan!
The panic selling in May Oil is something to do with lack of storage. All the storage facilities are full and hundreds of tankers wait offshore filled to the brim because they can’t offload. Hence nobody wanted to risk having to take delivery on expiry so they became forced sellers. Also explains the difference between May and June.
BA: interesting triangle on the Boeing chart.
Lots more plane cancellations announced by buyers. My feeling is that the aviation industry has likely changed significantly, at least for the next two or three years (and perhaps permanently). High probability chance that Boeing will eventually file for bankruptcy (unless of course the Government bails them out due to the very high number of jobs). It might be that they get bailed out in bankruptcy but with current equity worthless.
In an extraordinary move, Boeing has announced that it will soon reopen its 737MAX production line – a plane that is not allowed to fly and where orders are being cancelled by the hundreds.
SPX: still stuck inside the rising pattern, which can be a wedge pointing lower or a bullish continuation higher. 2,900 remains key.
I have not had my sleepy time yet as I continue
to trade this Dow drop.
However, my efforts have met with some success 🙂I can now start afresh my long entry thus –
Small long Dow at 23350 … stop 22000 … limit 25000
Never give up, never surrender.
I may add the 2nd half at Dow 23000 … not a given.
Now it is my sleepy time 😉
Never give up, never surrender.
A word of warning.
Dow cash may need to return to circa 23250 ( 16th April ).
The pattern was unstable ( diamond on stilts perhaps ).I suspect Spx and Nas cash will need their drops.
Never give up, never surrender.
May Oil settled positive in the end, which is exactly right. It rallied from -35 to 1 overnight. That was some anomaly caused by the storage situation..
Plan your trade, trade your plan!
May Oil settled positive in the end, which is exactly right. It rallied from -35 to 1 overnight. That was some anomaly caused by the storage situation..
Big players stepped in no doubt.
Oils equivalent of central banks !
Never give up, never surrender.
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