OXY Crowded Power Play
Another Oil & Gas Power Play. 100% or more in less that 8 weeks. Been trading tight and holding since March. Overcrowded trade. IMO it makes more sense to buy oil names on pull backs to the 50 day than on breakouts but will give it small go again as it broke out today from tight area.
Note
Taking profits on 50% of the position @76.36Note
Another 50% sell(second of the day), now at 72.83. Now I have left 1/4 th of original position.Note
Oil kept working pretty well. Now adjusting stop loss to break even.Note
Many of my positions acted very poorly today and been getting stopped out. Had to sell many positions today to finance the hits the portfolio has been taking. Seeing a change of character on breakouts. Only Oil, Gas and Commodities working fine. This one is a very crowded Oil trade and it moves a lot with the general market sense of risk. There are better oil plays. Exited @69.66
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