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Martin Tillier

Martin Tillier

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Get Ready For Energy’s Own “Black Friday”

Over the next couple of weeks, those of us who reside in the U.S.A. will be readying ourselves for the Thanksgiving holiday and the display of naked greed and mob mentality that immediately follows it; Black Friday. For those of you unfamiliar with the concept, Black Friday is the day following the holiday when, traditionally, retailers offer their best bargains to kick off the holiday shopping season. The energy markets may not have the same tradition, but this may be a good time to make a shopping list for an equivalent event.

I have suspected for some time that, at some point, oil traders would be unable to resist the temptation to see how things look when WTI once more has a 3 handle. After a dramatic fall this week that looks to be imminent. Given the power of momentum we could even trade at or below the $38ish lows reached a couple of months ago. That will have many energy investors wringing their hands, but those with a trader’s mindset will be putting together a shopping list to take advantage of the market’s own Black Friday, or whatever day of the week those levels are reached.

Let’s be clear, it is not that oil, and therefore many related stocks could not go below those levels; it is just that there is a good chance that momentum will slow and then turn somewhere around the previous lows. Proximity to those levels allows for stop losses to be set below what can reasonably be expected to be a strong support level, limiting the downside…

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