USO Stock Chart (Short Oil?? Call me crazy)

By Brett Goldstein on Apr 25, 2008

As we all know, oil has been on a monster run. Looking at this chart, I see a great opportunity to make money on a short position once this stock reaches $100. According to the chart, if this stock reaches $100, we should see a correction worth a few points or so. I really hope it gets to $100 because I am going to buy alot of puts and try to cash in. So call me crazy, but this stock is about to be shorted!

This entry was posted on Friday, April 25th, 2008 at 7:59 pm and is filed under Annotated Analysis. You can skip to the end and leave a response. Pinging is currently not allowed.

14 Responses to “USO Stock Chart (Short Oil?? Call me crazy)”

By David on April 25th, 2008 at 9:58 pm

Please explain why SO many people are shorting oil ETF’s???? pleeeease!? Many people on CAPS have rec’d the same thing.

By E K on April 26th, 2008 at 6:23 am

Crazy.

By zstock on April 26th, 2008 at 1:01 pm

I hear ya—I’m shorting USO even sooner than 100–by sooner I mean this Monday afternoon—
when you think about Gold prices –they correct 23% so I’m looking for gold to re-test 770–
before they make another run for 1000–
n order for gold to fall that much—It means the market has to fall—
typically the last week of APR and first part of MAY–
that might be when this market corrects–

By Omar on April 26th, 2008 at 6:56 pm

You’re right, 100 would make USO trade above its range and that means a goos short. I already think USO can fall back to 88 or so before the end of the month.

By Doug on April 28th, 2008 at 7:56 am

I think your best bet risk-wise is to buy a boat-load of DCR and put a stop at $3 on it. This ETF can move. It was up 20% last week when Oil took a $1.50 sell off. Can you imagine what it will do when Oil backs of $5-6? I can…a double.

–Doug
http://www.tomorrowsnewspaper.blogspot.com

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By Alex on June 7th, 2008 at 1:52 pm

hahahha……. shorts swelled my wallet good! Short more!

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By La on July 12th, 2008 at 6:38 am

I think you should still stay in until you have the short signal. Don’t jump your gun buddy or you might get really burnt.

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