sweetandsour wrote: ↑21 Nov 2022, 08:00
Del wrote: ↑21 Nov 2022, 07:17
sweetandsour wrote: ↑21 Nov 2022, 06:49
XLE is at 88 this morning. Following XOM, which is dropping as well.
I see it. Headline news claims that global crude oil prices will drop a bit ($100/barrel) due to Russia's stepping up production. Meanwhile, warnings of global recession spell a decrease in global demand.
So we are seeing a bit of a sell-off. XLE has retreated to support at 88.25. I've got enough exposure to XLE that it hurts a bit to look at, but I don't expect this to persist. Winter has come to the Northern Hemisphere.
We have a short trading week. Thursday off, early close Friday. Next Monday will be interesting, as retailers report what they experienced over the Black Friday weekend.
WTI oil futures are at ~$75 now. SPY support is headed back to 390. I'm still keeping my powder dry.
I'm not fretting. I'm accumulating XLE to hold for a while. Five trading days ago, XLE set a new 6-year high.
I've had a busy morning. I sold some covered calls on XLE, based on lower short-term expectations.
I adjusted my condors on RUT, picking up $400 to expire this Wednesday.
I decided to use some of my gains to sell a condor on SPX. This is a longer-term deal, expiring on Dec. 16. A four-week condor has VERY WIDE goalposts, and I'm not messing with it. I put $4000 at risk, and received $800 premium.
My SPX expires Dec. 16. High mark is 4250. Low mark is 3700.
HEY, LOOK! At 11:00, XLE is staging a mighty recovery.
With the sale of so much premium and XLE's current price surging, my account balance is at a new record high. Let's see if the moment lasts.