Short OXY/ BUY OXY 9/15/23 66 PUT
Today Saudi Arabia and OPEC decided to extend oil production cuts until the end of the year.This is news the market has been pricing in for over a week. So stock fund managers are panicking to be long oil stocks like OXY, which is why we have a burn notice today. This stock is making a triple top at 66 and has outrun the commodity in the short term. With big oil news priced in, the odds of a commodity pullback is high as well as in the stock market, so we have 2 scenarios that could bring a quick hit to the downside for OXY. 1 Star Trade last half hour.