Thread: Bquat's Account Talk

What do you think about USO? I have it in a Bear Flag but embedded to the up side:

Kind of weird not having any fear in the market this summer. VIX went straight across the Midterm channel:

Originally Posted by Bquat

Kind of weird not having any fear in the market this summer. VIX went straight across the Midterm channel:

Agreed on the VIX. As for USO I see a flatline to a slight decline coming...once the markets realize OPEC nations will not agree to slow production oil values will flatline or drop. Either way US production will have to struggle to maintain dca value.

Thanks nnuut!....I still think USO will be topping soon (maybe did but probably has some more points to the topside coming up). There is no way, imho, that OPEC nations will agree to reductions in pumping in this political climate. Maybe surprised but I think those meganuts (no offense) will take what money they can, while they can, and run when they can (thinking of all of the former Yemeni ministers as prime examples)

The MACD appears ready to begin trending down. I appears to me like oil has moved in about 5 dollar ranges over the last 6 months (50-45, 45-40, etc). I think we are reaching the top of the most recent range. If oil does retreat for a bit, say back to 35, I expect some down time for SPX. Don't expect it to last too long though. Chinese, Japanese, and EU will continue CB intervention as will the Fed, so I still see that 2350 number lingering in the not too distant future. Always interesting to speculate.

FS

Is the VIX up move done? Hitting the lower high line:

Originally Posted by Bquat

Is the VIX up move done? Hitting the lower high line:

Boy that question was answered quickly this morning:

Originally Posted by Bquat

Boy that question was answered quickly this morning:

I would like for it to break the 50dma just so we have some market action!

Surprise, back in the box already:

BQ: I think the VIX action today was all just brought on by dovish Fed action. Oil got a boost as did the Dow, SPX, NasD, and RUT. The only ones who took a shellacking were the dollar and the 30 Yr Treasury. I think tomorrow we head to 2160. For me, the real question is what happens next Monday. Thanks for all the great charts you post.

FS