Cobra's Market View

“The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 3X Shares (NYSE: GUSH) closed Friday with an April gain of over 34 percent, making it the second-best performer among Direxion's leveraged bullish exchange-traded funds (ETFs) on a month-to-date basis.”
https://finance.yahoo.com/news/leverage ... 35842.html

GUSH (3x XOP) expense ratio is too high
GUSH buys only XOP (its only holding besides cash), leverages it, and charges you 3x expenses for the privelege.
Better to just use XOP and triple the number of shares u would normally buy; getting that 3x leverage with less expense?
It’s obvious that traders agree, as XOP average-daily volume is 17million shares (vs GUSH volume 1.4 mil)

note: GUSH is up +9.2% today

ES tangled in the VWAP line. If there was a lot of shorts left to cover I wouldn't expect this up move to have run out of steam. Still, it is a gap and go until we hit those lines 10 points lower.

rpccharts wrote:...

Note: Your posted charts are a little too large to render properly on my browser. Right side is truncated.

K447, I am using plane Chrome and the chart is fine when I drop the screen magnification to 100%. I normally run Cobra at 150% as this on my smallest and oldest monitor and I have to sit back from the desk to see all of them.

K447 wrote:Note: Your posted charts are a little too large to render properly on my browser. Right side is truncated.

right click on the chart
open in new window

Short spy here, stop at HOD.

Probably a little late to this party, but taking a ride on the bios this morning. FOMO!! LOL!

fehro wrote:

fehro wrote:

fehro wrote:SPX *50d key 2680ish and others near 50d VIX green

ding ding 50d… possible resistance zone.. mind the morning gap and 20d SMA for retest

nibble short 2680.25

IWM sm caps strong with AAPL nATH .. SPX not so much.. VIX still green.. come to papa fill da gap

close that gap!

$CLF $OIL Hedge funds were only 7.1% short last week (~14 longs per short). So far, bets have paid off & they need a catalyst to change their thesis & liquidate. Rising rig counts, demand destruction from higher prices, calming of Iran uncertainty, and recession could all do it

Watch list

OILS bulling for how long?

https://finviz.com/screener.ashx?v=351& ... &o=-volume

ccash04 wrote:Short spy here, stop at HOD.

Good call!!

Put/Calls near extremes… 0.65/0.66 index/equites.. "too many bulls" fwiw

Fear Greed Index 47

Still plenty of greed to squeeze.... time will tell

http://money.cnn.com/data/fear-and-greed/

rpccharts wrote:$CLF $OIL Hedge funds were only 7.1% short last week (~14 longs per short). So far, bets have paid off & they need a catalyst to change their thesis & liquidate. Rising rig counts, demand destruction from higher prices, calming of Iran uncertainty, and recession could all do it

Watch list

OILS bulling for how long?

https://finviz.com/screener.ashx?v=351& ... &o=-volume

https://www.zerohedge.com/news/2018-05- ... lly-dollar
https://www.zerohedge.com/news/2018-05- ... -elections
https://www.zerohedge.com/news/2018-05- ... baby-drill

Think europe will bank some here? They hate leaving gravy on table for US

te_fern wrote:

ccash04 wrote:Short spy here, stop at HOD.

Good call!!

fehro » Mon May 07, 2018 9:59 am ......nibble short 2680.25

Oil, I think it is not going to drop for a while yet. Headlines on Venezuela are terribly negative. Venezuela is down over a million a day during this price rise according to recent articles. They are still pumping around a million and a half barrels a day so as that continues to drop OPEC wins. However, when the note holders step in and take over production (with the Chinese Red Army providing security) that would be a very big signal that the top is in. Hedge Funds fueled by Saudi propaganda have not had their fantasy of 88 a barrel challenged yet They will ignore all the gathering facts pointing to lower prices until they don't, then the panic selling will kick in. Or at least that has been the pattern in the past.

There are no oil shortages - we still have a glut... its a war between the PetroDollar and PetroYuan....

So Trump and XOM/Ex Sec of State Tillerson rigged prices on Saudi trip a few months back... OPEC happy US stock market happy Houston Bailed out from Hurricane... all winners except US consumer OIL tax is 3x what tax cut gave.

PetroDollar on top - see strong dollar

Anyone like Harmonics? Oil Weekly my Favorite today ready for correction? Looks like OPEC $80 Target

rpccharts wrote:Anyone like Harmonics? Oil Weekly my Favorite today ready for correction? Looks like OPEC $80 Target

fwiw weekly /CL