what say you said:

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would you still recommend your previous advice of buy under $6.00... sell and take profit at $6.75 and get out at $5.75?

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Absolutely!

That selloff looks like a signal fake, known better as a "shake". Go with the macro new highs signaling another bullish leg.

Sorry..typing on a plane. Corrected

oldarmy1 said:

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That selloff looks like a signal fake, known better as a "shake". Go with the macro new highs signaling another bullish leg.

Sorry..typing on a plane. Corrected

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I like that better!

SN bucking early market action +.29
$6.51

2:55pm 6/12. Any believers this is the beginning of the SN squeeze or just another fake to sell off and buy lower?

One Tooth Man said:

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2:55pm 6/12. Any believers this is the beginning of the SN squeeze or just another fake to sell off and buy lower?

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Not much volume today, although all 25k trading shares at the posted $6.75 resistance area got filled the last hour. Whoop! Major support bounces are the best.

Too chicken on SN to hold until tomorrow. I got enough movement to close today (plus your recommendation added fuel to stop). Sold out at 3:59 (EST).

For about four weeks, I've been trading oil and/or services long from Friday am until Tuesday PM and short Tuesday PM until Wednesday PM. Selling today was the exception. That's why I'm wondering if today was the squeeze trigger for SN. It's been working and the good thing about this strategy is that there's a boatload of news about oil markets to respond too. Until inventories balance out I'm going to keep trying this.

Can you see the resistance on SN? Can't pop through it so far, which is why the trade was a sweet $0.75+ profit on major support buys below $6. Obviously hope it pops through since I have it as a "net free" holding. Easing regulations and drilling make the energy sector a lower performer for the foreseeable future, absent some terrorist macro event.

Banking/Financial, Tech are best sectors for now. Eventually the BioTechs will see through the fog and make a move but not until some clarity on Obamacare's demise and replacement path is clear.

Pushing past $7 now.

Joseph Parrish said:

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Pushing past $7 now.

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I knew if I called it on the resistance it would break it.

oldarmy1 said:

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Joseph Parrish said:

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Pushing past $7 now.

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I knew if I called it on the resistance it would break it.

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Haha, I'm not complaining either way. I needed it to get to an even dollar number for me to be able to place covered calls anyway since I use etrade. My volume chart also isn't nearly as good as yours, so I can't see the resistance levels as well as your chart charts. I see volume dropping since 10:45am (Eastern) and this thing is still climbing.

How far out are the calls you placed at $6.75?

The bid at a $7 strike price for July 21st is $0.65.

I can't show pictures on here very well, but we're currently at the May 24th levels. It didn't really make a nice reverse head and shoulders, but if it starts to fall I might sell some calls.

Haha, of course as I'm typing this it drops from $7.20 back down to $7.05....

Pretty good past couple of days for SN. I got in on 6/9 at $5.93. Do y'all think it is going to continue it's push?

ColinAggie said:

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Pretty good past couple of days for SN. I got in on 6/9 at $5.93. Do y'all think it is going to continue it's push?

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Not sure what it's going to do, but the next resistance levels are around the $8 and $9 mark. If you look at the 3 month chart, you'll see the stairstep changes that basically make up the shoulders of a reverse head a shoulders trend. So if we push past $7, those are the next places to pay close attention to.

Wait till we dip into Low $6s again or are looking for that $5.75

FTAC2011 said:

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Wait till we dip into Low $6s again or are looking for that $5.75

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Yessir

Lot of buyers this afternoon. That bullish trend is still your friend. Don't fight it.

thoughts on CRC here around $10? Been bouncing off of this spot for a while now.

Ragoo said:

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thoughts on CRC here around $10? Been bouncing off of this spot for a while now.

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Just FYI, we've got a lot of joint venture money coming in. So it's good for development and long term production, but we're giving away a chunk of those profits. Now these deals are money we didn't have, so that means that we'll have a revenue stream from production that likely wouldn't be coming online until much further down the road.

I think when oil prices goes back up towards $50, you'll see us jump with that move. But the 52 week low is also at just under $9, but the majority of the lower support seems to be around the $10 mark.

you with CRC?

Ragoo said:

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you with CRC?

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Yep

Awesome. We have done work for you guys at the THUMS location and a couple of CO2 Dehy skids for your reinjection.

CRC chart looks like a lot of oil stocks right now. All of them I'd be buying with the stop loss on the major support breakdown. These are ugly charts. Head and shoulders within smaller head and shoulders, due to each successive one failing to send us back to the left shoulder starting point.

CRUS is a good short trade on any up days from here.

Double the hourly volume for SN multiple times today compared to the previous days. I guess they like $7.

SN up over 13% in a day. I like it.

Joseph Parrish said:

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SN up over 13% in a day. I like it.

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You see that they sold their Eagle Ford non-core assets for $50m? News move

https://seekingalpha.com/pr/16864097-sanchez-energy-announces-sale-non-core-marquis-asset-eagle-ford-shale

Tech stocks will lead rally with the "bi-partisan" technology summit being held with Trump today. Caution on selling the news late, as techs jumped a week ago by those in the know.

Nice play. I will look into this strategy when I am back at the office.

Any of y'all playing Cindy into any of your positions this week?