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!
7 Responses to “USO Stock Chart (Short Oil?? Call me crazy)”
Crazy.
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–
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.
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.
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Good luck!
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Please explain why SO many people are shorting oil ETF’s???? pleeeease!? Many people on CAPS have rec’d the same thing.