Amazing to see CL continuous contract down over 300% at one point today ed: I must now be old, can no longer figure out trying 3 sites and 4 methods how to post a simple screen cap. Sigh.
LOL I know it is due to the futures contract thing but still kinda funny to see oil is -$24 on the CNBC APP
wait, am i wrong that /cl continuous hasn't rolled to the june contract? i'm seeing june for /cl in tos...werid. and ya, ditto what @Venom08 said, always a spectacle when @rando chimes in here!
The only thing oil is saying is nobody wants to take it today, this week, or this month. It's also telling us the cost of shutting off production, given that they would pay twice its market price for people to take it off their hands. Of course the contract rolled so most brokerages show next month, the current contract price only reflects allergy to taking delivery. Maybe we can use whether front month expired after breaching zero as some sort of reverse canary in the coal mine that crude will become a healthier commodity.
I'm guessing that big red bar is a bunch of people getting hosed on taking delivery? There are some old timers that could give the really good long explanation... .
Targeting 15800-17800 for the low on the DJIA. Will leverage up to my gills in calls and longs at that point. The crash should be swift, and be hit by the first week of May.
My opinion was 15500-16000 that would put us at 50% drop from highs. I don’t think it will reach there now unless someone pulls the rug. I’m now adjusting to the 18k level because that’s where trump came in last time.
Yeah, 50% declines are not out of the norm during crashes like this. This reminds me of 1987 somewhat.
A lot of people around my area wanted to know how to buy oil commodity while it`s cheap and hold it until the prices come up. And it could be a good while, but there willing to wait. I didn`t recommend USO or any of the other ETF out there. I telll them if they they are willing to risk a Bankruptcy, they could buy oil field service companies. Any other ideas?
Not Your Typical Tuesday. Or Is It? Tue, Apr 21, 2020 While every other day of the week has seen multiple gaps down of more than 1.5% since the peak in February, today is the first time in that span that there will be a gap down of more than 1.5% on a Tuesday. Given the lack of big gaps down, Tuesdays have also seen the strongest average return of any weekday so far in 2020. While every other day of the week has averaged declines, Tuesday has seen an average gain of 1.16%. That's quite a disparity! While average returns for Tuesday relative to other weekdays have been stellar, it doesn't tell the whole story. The table below shows the S&P 500's daily returns so far in 2020. Looking at the individual occurrences, Tuesdays have actually been up days less than half of the time. If it wasn't for three strong Tuesdays in the month of March, returns for the second trading day of the week wouldn't be nearly as positive. Looking at median returns instead of averages shows how Tuesdays haven't been nearly as strong as they seem. Looked at this way, Tuesday's median decline of 0.15% ranks right in the middle of the pack behind gains for Thursday and Wednesday but well ahead of the 0.33% decline for Mondays and the 0.82% decline on "Corona Fridays". Outside of a couple of outliers, Fridays have not been a good day for equities this year.
