My Monday list is Short:AN,EG Long:GCad,NCad,UCad. Monday is usually a slow day for me. My only new position so far this week is GCad long. Trading a very minimum risk position today as described in the 12 step method earlier. Taking first lot off in profit to fund putting two lots on without taking additional risk to capital, etc, just as I described. I might increase risk later, but I see no reason to do so now since everything is moving my way, albeit very slowly.
Oil prices jumped up today as Nigeria announced they might call an Emergency meeting of OPEC to address falling oil prices. Of course, the Canadian Loonie moves in tandem with the price of oil. It's hard to believe that Saudi Arabia would give up on shutting down the competition after giving up billions in income by driving down the price of oil through increased production. The purpose of the Saudi's overproduction was just what's happening, run the competition out of the oil business. They must have known that their "friends" in OPEC would suffer greatly and they still made the decision to go forward with their plan. Living in Houston Texas, The Energy Capital of The World, I have a friends and family in the Oil Business and none believe oil has hit it's bottom yet. At the moment, I'm just trading the trends and watching the fundamentals with morbid curiosity.
Oil prices jumped up today as Nigeria announced they might call an Emergency meeting of OPEC to address falling oil prices. Of course, the Canadian Loonie moves in tandem with the price of oil. It's hard to believe that Saudi Arabia would give up on shutting down the competition after giving up billions in income by driving down the price of oil through increased production. The purpose of the Saudi's overproduction was just what's happening, run the competition out of the oil business. They must have known that their "friends" in OPEC would suffer greatly and they still made the decision to go forward with their plan. Living in Houston Texas, The Energy Capital of The World, I have a friends and family in the Oil Business and none believe oil has hit it's bottom yet. At the moment, I'm just trading the trends and watching the fundamentals with morbid curiosity.