It Was All About OPEC Today……If You Can Believe Them

Dow: +110.94…
Nasdaq: +12.84… S&P: +11.44…

Reuters reported mid afternoon that the characters at OPEC agreed on a freeze, but that the specific details wouldn’t be released until their November meeting.  This was all that was needed though as crude popped over 5%.  The rally started at around noon. That’s a 15 minute chart below.


Energy stocks also got a boost as the XLE saw a great squeeze.


Oddly I am still hearing reports that all this isn’t confirmed by the OPEC players. The market thinks so for now though.  Tomorrow could be a hoot if this is all BS.


If this is all true, and they have reached an “agreement”, there is still a lot that can go wrong between now and November with these characters leading the charge.  If it is real for now, then energy stocks and crude could squeeze higher for a couple of more days.

As a result of today’s energy action, NRP finally got off the mat a little bit and I added energy name SGY as a new long. If energy can stay strong, there’s a chance we could catch lightening in a bottle on this one.sgy

NRP-I’m still looking for 35 on this one.


I also added AMKR today. Targets 10.50 and 12



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