Thursday, June 30, 2016

Oil Potential Change Of Direction

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*We wrote Sunday that we thought oil could start to see downside.
*The dollar is helping it reverse.
*Action and follow through to good inventory news has not denied a change of direction.
We just entered a short position in oil (NYSEARCA:USO) (NYSEARCA:OIL). The price has jumped since we made the call Sunday and we see a downtrend forming. Obviously it's early but we think the strong dollar (NYSEARCA:UUP) and weak GDP picture may be a changing backdrop that can overshadow the steady recent trend of supply concerns.
Here's the chart we're watching


Chaim Siegel has been working with hedge funds and mutual funds as an analyst and PM his entire career. Chaim specializes in earnings and predicts, analyzes and reacts to earnings and earnings events as well as developing current company stories with a hedge fund perspective. If you want his analysis real time sign up to the right for real time email alerts. #in, $spy, $qqq, $iwm, $vxx, $ycs, $fxe, $EUO, $YCS, ^GSPC, INDEXSP:.INX, #elazaradvisorsllc, CME Globex: ES Disclosure: These trades can lose you money and principal especially when using leverage BY USING THIS SITE YOU AGREE TO TAKE ALL RESPONSIBILITY FOR YOUR OUTCOMES AND LOSSES AND HOLD BESTIDEAS, ITS CONTRIBUTORS AND ELAZAR ADVISORS, LLC HARMLESS