Updated

Decent Chance of a Retreat in OIL

70-80% chance for USOIL to retreat back to $45-48 range in a month, most likely by mid Feb.

For long term buyers, this will be a very good entry point, for all things related to oil.

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USOIL looks very weak today. Even with a big drop of DXY and positive news of OPEC compliance cut, it got pushed down towards the end of the US day session.

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Just bought a small position of ERY to short the oil stocks, to balance my long oil positions (currently stand at about 15% of my overall portfolio, the lowest since Aug. 2016).

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Looks like the original idea is no longer valid. The down trend failed to materialize within its time limit.

I think the increased tension between the US and Iran moved the market to bull's side, at least for now.

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It's ironic that as soon as I wanted to give up the bearish idea, usoil started dropping. Let's see how it goes.

If the bear idea is still valid, then bears still need to hurry up since time is running out. Because of this, oil price might drop really fast this week, i.e. something like below $50 by Friday 2/10/2017.

coolingla

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