Watching Oil (Sitting on the Dock of the Bay)

Today I have been very busy watching the markets all day. Began up on high volume, then quickly sold off and seesawed its way up throughout the day. I was getting a block trade ready for Oil, but just as I getting ready to pull the trigger at 1:30 our time, the markets took off led by, you guessed it, Energy. And Financials.

I try to never chase a trade, and put in a limit order at the lower/bid price. It didn't take, and the market moved away from me and went up a penny. So I moved my trade up another penny with another limit order.

Even though pennies don't seem to count for a lot, on a lower priced ETF that is a leveraged ETF, or double the movement, it does count. Besides, if you don't have discipline, you are a white belt playing with black belts, and you might as well go to Las Vegas and at least have some fun. I do this for a living and I do not gamble.

I will regroup tomorrow and see where the various energy prices, crude prices, etc. are, and then see if I want to execute the trade or let it come to me. I definitely prefer the latter. The graph today is an updated graph on the price of Crude, and it has bounced right off the green support line I drew.

Oh well, at least my QQQQ Nasdaq 100 trade worked out well today.

Keep studying,
Dan Stewart CFA®