SPDR ETFs are a great way to have exposure to a market without committing to one particular stock.
And here this chart shows the overall market is breaking to the upside in the last few hours.
Notice first the bullish divergence is followed by a shallow descending channel which also appears to be a re-accumulation.
Then a gap up which looks like it will prove...
Symbol XOP
Open Date 11/8/2023
Put or Call Put
Expiry Date 12/22/2023
Short Strike 131
Long Strike 130
Price to Open 0.25
Min Width Multiple 2
Risk Ratio 3.00
Return on Risk 33.3%
Opening DTE 44
1 Day ROI% 0.76%
Max Annual ROI % 276.5%
XOP testing the 4h/Daily Bull range.
Held Oct 5 and buyer resumed.
Test again could fail, but could also attract enough activity...
XOP
Using $XOP as representative of the Oil and Gas Exploration Industry.
Pearson's R^2 = 0.95 indicating strong tendency for signal to centralize around its multi-year linear mean (LM, 150.22).
Signal currently resides just above the lower third standard deviation (-3) off the linear mean(LM).
Statistically speaking it would be tough to hold this...
The context for this entry is based on the suspended use of our Strategic Petroleum Reserve by the US Government. In April of 2022, our leadership chose to tap the SPR in an attempt to hold off inflation at the pump. While this worked for much of 2022, and early 2023, the SPR can no longer be used or it may compromise our national security (e.g. cut off from...
... for a 2.66 credit.
Comments: Short put for the IRA (See Post Below); short strangle for the margin.
Selling the 16 delta strikes on both sides. 2.66 credit on buying power effect of 12.98; 20.5% ROC at max; 10.3% at 50% max.
🙏Thanks for playing along the "mystery chart" game, some good guesses in there.
💡It was a ratio chart, #XOP versus #Bitcoin!
⚠️Game changing momentum occurring right now in markets, if you are paying attention.
#crudeoil #gold #silver #inflation #fintwit
XOP getting interesting on the back of a possible 2nd half oil push and companies such as Chrevron beating earnings expectations.
See:
USOIL:
Gasoline:
... for a 1.11 credit.
Comments: Selling premium in one of the exchange-traded funds at the top of my IV screener with a 30-day at 32.2% -- more than twice that of the broad market. (The others are GDXJ, at 35.2%; GDX, 31.2%; and EWZ and FXI, both at 29.1%).
As with my broad market plays, targeting the <16 delta strike in the shortest duration paying around 1%...
xop, might have more room to the downside.
It is not yet showing a 5-wave up.
We might see a retest of wave 4 untill we can call the correction completed.
Action looking good so far this morning. Grabbed some GUSH after hours last night in anticipation of the breakout. Would love to see a big green candle through 22 & 23 YTD VWAPs (purple lines just above).
there i a bearish flag pointing to $83, we don't have yet, any bull formation, the bull formation is in progress and could e another flag that take us up to $190, but now the bear flag is dominating and strong.
Oil & Gas explorers & producers looking VERY CLOSE to MASSIVE breakout. #inflation #oil #gas #silver #platinum #uranium
still consolidating ABOVE 2 year moving average
lots of noise above wall (wicks)
volume defined wall
Clearly, anyone tracking the recent Saudi cuts in oil production understands that this mixed with the new Chinese trend of buying oil in yuan and creating the "petroyuan," will generate a price increase based on supply/demand fundamentals.
