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Energy Trade Looking Good With Oil up Again

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Source: Michael Ballanger 10/02/2024

Michael Ballanger of GGM Advisory Inc. takes a look at the energy market and shares some stocks in his portfolio.

USD index futures are up 0.24% this morning, with the 10-yr. And 30-yr. yields also up 1.34% and 1.40% respectively.

Gold is down 0.65% ($17.40), while silver (+0.66%), copper (+0.70%) and oil (+2.69%) are rising.

Equity futures are off modestly (-0.09% to – 0.21%), and risk barometer Bitcoin is down 3.94% to $61,262.

The energy trade that was executed yesterday morning was proof positive that “it’s better to be lucky than to be good” as my Energy Select Sector SPDR Fund (XLE:NYSEARC) $87.00 “Buy” limit was hit shortly after the opening bell and literally just before oil prices engineered a massive reversal to the upside.

I also had a Buy rating on Hemisphere Energy Corp. (HME:TSX.V) at CA$1.90, which was also triggered before running to a 52-week high at CA$1.97.

Oil is up sharply again this morning, which should bring about massive short-covering in both the oil futures and the energy stocks, so keep a close eye on the RSI for both crude and the XLE to avoid getting mesmerized by an overbought market. This trade is a date, not a marriage.

With my trading account cash down to 23.67%, I still have lots of room to add to positions into an October swoon in these markets, and I can assure you that I will be adding to the energy trade if it backs off. The copper-gold duo remains my top sector holding going into year-end, and I hopeful that Freeport-McMoRan Inc. (FCX:NYSE) can pull back into the mid-$40′s so I can replace the call positions and the 50% of the stock position that I sold at $51.50 (the top) a few days ago.

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Important Disclosures:

  1. Michael Ballanger: I , or members of my immediate household or family, own securities of: All. I determined which companies would be included in this article based on my research and understanding of the sector.
  2. Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
  3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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Michael Ballanger Disclosures

This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.


Source: https://www.streetwisereports.com/article/2024/10/02/energy-trade-looking-good-with-oil-up-again.html


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