Gapfil
$OXY - like the markets.... i have trust issues. $OXY
I dont even want to offer a recommendation on this one. Why? Because the company is literally upside down with debt.
See article:
www.houstonchronicle.com
From my quick analysis, it appears that oil contract that closed Friday of last week ended sharply higher. This carried into the weekend with the OPEC meeting and then into Monday bringing euphoria back to the market that we could possibly continued oil cuts & market stabilization. Today the narrative was changed saying that there is trust issues between major suppliers as we watched Aramco jack their prices.
I would wait to see if the stock can stabilize at the bottom of this gap zone in the 19-20 dollar range before buying or adding more $OXY.
Oil is another sector that will be completely rocked if a "second wave" of the virus hits. We still have millions of gallons of oil floating in barges across the world. I wonder how much deeper negative oil prices would go if we shut down again.
If it does rise, i would use $25.50 as an entry point and $24 as a stop loss.
Short CMG for Gap Fill to 447.65Quick short here with CMG loosing key support at 472. That gap from Oct 2013 at 447.65 is just screaming for attention! Look to short below 472, but after a potential bounce tomorrow off of today's broader market oversold levels. Target at 447.65. Keep your stop at 472 for Risk/Reward of 1.87x. CMG Calls are trading at a new 52W high IV, again! Consider expressing the short via selling expensive calls.
