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Strategies & Market Trends : John Pitera's Market Laboratory

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roguedolphin

To: robert b furman who wrote (17235)	10/8/2015 3:01:15 PM
From: John Pitera	2 Recommendations Read Replies (1) of 33421

HI Bob, I have not had a chance to mention it to you but I showed your post to a few investors who I confer with as I was greatly impressed with your thinking and what you have been up to in the oil patch. They were pretty uniformly also very positive on your idea..... we loved Selling the RIG Jan 2017 Puts @ 3.06 and it spurred us to look at a few other similar situations as well. The forward strip on the Nymex crude futures have been showing crude strengthening for well over a month.... Dennis Gartman was quite astute when he came o CNBC and went bullish on crude back when it briefly was in the 30's..... stocks such as BP and XOM as well as a number of the Drillers and Oil service sector companies have been showing strong buying and XOM could not get back down near the August 24th morning low opening.... That was a funky morning opening. Even FCX has established what appears to be a nice looking bottom and Carl Icahn's activist position and getting 2 of his people bode well for Freeport McMoran. John

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