Green to Red to now Green. What to think of the rest of the day.

Back in the Mancini opening levels, didn't get to the next leg down after 3625. What to do, what to do.

What is max pain today?

TSLA 680 C lotto, 0.40 cents entry.

Spoony Love said:

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What is max pain today?

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406

I was waiting for 3635 to grab xsp calls, it got 3639. I bet we get another chance

You're a far more responsible degenerate than me. I would have let that $50 ride

Why is the energy sector getting hammered today?

He didn't say what the brother was offered. I need to ask

bounce here or never... credit to Philip (he's charted this before me). I was just curious where we were at so decided to throw some lines up and see.

Idk, but that sector is mostly responsible for pulling the S&P down today. Everything else is hanging in there pretty good.

What's happening to oil today? Why the sharp decline?

Philip J Fry said:

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Why is the energy sector getting hammered today?

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The threat of windfall profit tax, price controls and other industry destroying ideas has the market fearful it will get harder to be successful instead of loosening regulations.

Premium said:

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What's happening to oil today? Why the sharp decline?

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Maybe the uncertainty about the government's involvement with it. Russia's decision to further restrict sending gas to Europe.

CCAg95 said:

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Philip J Fry said:

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Why is the energy sector getting hammered today?

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The threat of windfall profit tax, price controls and other industry destroying ideas has the market fearful it will get harder to be successful instead of loosening regulations.

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Makes sense to go after the one sector propping up everyone's 401K.

BREwmaster said:

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bounce here or never... credit to Philip (he's charted this before me). I was just curious where we were at so decided to throw some lines up and see.

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We are in violent agreement. Yesterday nearly triggered my stop loss, but it bounced back mid day. Time for a bear rally soon…or we are in for a lot of pain.



Those gaps are going to provide a lot of upward momentum if they are filled.

Philip J Fry said:

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Why is the energy sector getting hammered today?

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All of my oil stocks are taking it on the chin today.

I bought a little CPE (Callon petroleum) today. They are a small cap that likes to drill in Texas.

Don't know a ton about them but I like the low pe and net margin.

I think the market expects Saudi to increase production, and sees the FJB visit as just a way he's planning to take credit for something that was going to happen regardless

Saudi is about to cash in on the current crisis

I have tranche ready to buy that I've picked for 3600 and my Friday FOMO is getting itchy to pull the trigger early

I need the Aggie CWS series to start and distract me

Philip J Fry said:

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Why is the energy sector getting hammered today?

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Zerohedge reporting that the fact the markets are internalizing recession from so many sources now means O&G going to head downwards

I just bought more of all my O&G holdings after a 12% decline in the last few days.

Philip J Fry said:

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CCAg95 said:

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Philip J Fry said:

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Why is the energy sector getting hammered today?

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The threat of windfall profit tax, price controls and other industry destroying ideas has the market fearful it will get harder to be successful instead of loosening regulations.

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Makes sense to go after the one sector propping up everyone's 401K.

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One additional reason I thought of: let me know if this is possible-

the fact that so much leverage has been in all the investment vehicles over the last year

and now it's time to pay the piper. and where do people who are being margin called or on the wrong end of leverage going to go to raise money?

the only sector that had made them money: O&G

so they are having to sell off to cover their other losses. or some are trying to time the markets and sell after buying the prior dip.

I'm just guessing, but it could be a potential reason.

I'd guess O&G got hit because it peaked while everything else crashed. Making it look tasty for shorting. So it has been shorted all the way down. Now that it is may be oversold (looking at RSI), at least XOM & MRO, it could pop back up.

Not gonna lie: it's nice to have finally been holding calls instead of puts when one of those bear market SPY short squeezes hit. Net free on some 0 DTEs and hoping for some more fireworks after lunch.

i wouldn't say anything so far has been a squeeze

Fair. Definitely not a true "squeeze," but it's the catch-all term I've been using any time we get one of those big, low-volume green candles. I've had several stops on Puts chewed up over the past 2 weeks by those moves, so it was nice to have actually been long when one happened. That's all I was trying to express.

SPX at 3700. Rejected down after the quick run up shortly after lunch. Think it may have consolidated for a breakout up here though. And it rejected down again.

Come on get to 3700 for close. You can do it.

Diggity said:

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TecRecAg said:

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Since WYNN was brought up - Thought I'd give you guys a good Friday story.

A guy in my Phoenix office was on the Wynn sports book looking at odds for the US open the other day. He saw one for Justin Thomas as outright winner at +8000. He immediately put $50 on it and moved on. A few hours later he gets a call from a Las Vegas number - It's the Wynn sports book. Their call was basically "We had a guy F up and add an extra 0. We have no idea how we didn't catch it. We can do 1 of 2 things, honor the bet and let it ride. Or we can cancel the bet and give you a 4 night stay in a suite at the Wynn."

Needless to say, he's going to Vegas soon.

The real kicker - His brother took the bet at the same time, got the same call, but decided to let it ride. He'll win just over $100K if JT wins. I think they might have a heck of a trip if JT pulls it off...

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did the brother get offered 3.5 months worth of suite credits or what?

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Why in the world would u take the rooms vs having impossible odds on one of the favs?? Wait til Sunday, then hedge the hell out of your bet…

Spoony Love said:

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Come on get to 3700 for close. You can do it.

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Welp, went the wrong way there.

I'll argue that anything that moves us off the support line is a positive indication that we are bottoming out.

How did SPY finish above UPRO?

ON, XOM & CVX all had big after hour sales. Is that from Puts being cashed in?

ON's afterhours volume was 60 MM which is nearly 6x the stocks average volume.

XOM &CVX weren't as big of outliers but still significant nonetheless.