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fossilfool - the baba 3 year trend line was at 210 , it was on the card , I was waiting for 223 gap to close but was rewarded at 215 and 209.0. Max pain is at 240 for June 18th, after the quadruple witching , I expect Chinese stocks to go back into favor for Q3. Buy when there is blood as they say. For BP we are at best in a trading range until there is a dividend increase. The Shell charts are ugly , and declining since March 12 , that the worrying bit !Regarding Goldman, they are pump and dump !
The Tech sector is deleveraging, and buyers on margin are getting flushed out, In my view this is a healthy pullback, I am personally buying the dip (cautiously with staggered buys) . The DOW is overbought so I would expect money flowing back to Tech soon.
The Sp only have to drop bellow 310 to be out of the rising channel and confirm the trading range.
I am patient , low 290's with 1/3, more if we get to the 280's. I am still scratching my head with the 2.62 gap, this could be possible when the buy back stops end of May. Shell did close it is Feb's gap, but one still open at £12.
cw1966 - my concerns the volumes are drying out.
Investingnewb- no crystal ball - only opportunistic :) and trading the range as it comes. Again we are at the very bottom of the rising channel, so it may shoot up. Now bought so BABA at 227, rinse and repeat.
Gavster-NBC - the problem is we have dropped out from the rising channel, personally, I think we are in a trading range 280-290 / 310/320 range for this quarter. The buy back is disappointing and will stop in the next 10 days. I won't sell my position below 307 as it comes often and keep the divi, lets see I may take 315 tomorrow if it comes to it ! :)
Ex div command a premium, will oil trading the range , I would expect the industry to do the same this quarter, my opinion . Bought 291, will sell if above 315 tomorrow. Buy back should stop by April 15th/20th, based on 8m shares per day, meaning the shorts may come back.
Maybe not to the extreme, the drop from 320 to 255 was due to a short selling of about usd 300M worth of shares , this buy back will make short selling a lot more difficult. BP can create a wall at 280 and scoop all the cheap shares , the question at what price the wall be ?
Small buy back , but should keep shorts at bay a little . Shell did close the February gap but BP did not on the back of buy back news. I am not sure if the market has priced in higher buy back . If we don’t retry 325 quickly we will stay in the 280/320 trading range for an other quarter !
BAck with 1/3 at 291 (sold 324), we may see 285 on weakness ahead of earnings which is the bottom of the rising channel, I may top-up then. The SP really needs to bounce back to 325/350 or we may hand up with the 290/310 trading range for another quarter or 2, which is fine with me. GLA
Shell did close the feb gap at 13, there is another gap at 12.