Still hanging in there even though it hurts. Bought this at $49.95 and $48.32 so I have some cushion.
The 50 dma could be a support point.
http://stockcharts.com/h-sc/ui?s=USO...d=p51972347693
I struggled on whether to sell this one and decided to ride it out. Oil ain't getting that much cheaper. If the market takes back off, oil will take back off.
Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."
Still hanging in there even though it hurts. Bought this at $49.95 and $48.32 so I have some cushion.
The 50 dma could be a support point.
http://stockcharts.com/h-sc/ui?s=USO...d=p51972347693
Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."
Still hanging in there.
Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."
All I can say is if it breaks $80-----I would sell!We're fighting inflation right? What is the biggest factor in inflation in the USA, I think it's the price of energy!
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Sold USO to free up some cash. Made a new high and I feel it is due after a strong run. It is not out permanently just may have some other fruit to pick.
Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."
Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."
Time to start moving back into USO Show-Me? Nice exhaustion gap below the 2 year support yesterday could be a reversal indicator.
Yep, it is screaming buy. AlphaTrends says it is a buy. Saudi's will not let the price stay down for long they all have big projects to fund.
Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."
Looking to buy some of this soon.
Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."
Wow, forgot about this thread. Too bad USO doesn't track crude so well when it trades in contango and all, but the end of November would have been a good opportunity to begin buying.
USO breaking down here, but I think this is another buying opportunity. I don't expect oil to go much lower than 70. OPEC won't allow it.
USO right back to where it was around 12/10/2009 which really would have been a nice entry point at the time. The only problem now is, USO has not only broken the trendline, but also has broken the 200 DMA. Where do we go from here? This is another major signal that the market is telling us right now.
Attachment 8094
^^Those were some fun times.^^
FWIW, I don't think I ever did buy USO, but I did trade UNG twice. Once had a gain, once for a loss. They both weren't horrible trades, but it was around that time I figured out UNG and USO really have nothing to do with their respective commodity prices. The thing was, in 2008 USO was at 900+ on a split adjusted basis, UNG was around 2,000. Both were very popular trading vehicles and remind me of bitcoin today.
USO today:
https://www.etftrends.com/alternativ...rices-recover/Last week, USO made a rare move called a “reverse split” that signals the fund is preparing for the worst. In short, it consolidated all its shares into fewer proportionally valued shares.
For example, before April 28, USO had 1.5 billion shares in circulation at $2.2. Today there are one eighth as many shares at 8X the price.
There’s no actual benefit in pulling this off except for one thing. Their management is afraid the fund’s shares would plunge below $1. And stock exchanges often delist stocks that trade below $1 to prevent price manipulation.
Let it sink in. The stock price was over $2 before the reverse split. That means USO insiders are worried the fund could plunge another 50% from today’s lows!
Meanwhile, investors are clutching at this ticking time bomb as if it’s a surefire way to profit from rebounding oil prices. Don’t be one of them.
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