Disclosure: I’m Long Oil
August 18th, 2011Warning: This is not a recommendation to buy, sell or hold any financial instrument.
Update: Fri, Aug 19, 2011, 1:30pm EDT
Sold USO. No position in USO.
—End Update—
I went long some USO, late in the session.
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What the heck did you see in the chicken entrails that made you jump in here? And I see as of this afternoon, you may have made the right entry point… Zerohedge is speculating that QE3 was leaked.
Horizontal support line on weekly chart. Possible double bottom on daily. Daily stochastic and RSI uncoiling higher. Sell off yesterday was extreme, looked like it had more to do with raising cash than anything to do with oil. Just a guess… And WTF was showing all sorts of bullish divergence on longer intraday intervals.
That said, I have a stop in right now that’s going to take me out with just a 10 cent gain if it turns back down again. I was thinking this could spring back up to around $33 really fast, but I’m in too heavy to wait around. It goes up from here or I’m out.
Got 40 cents instead of 10. Closed it out.
When I start seeing the paid electricity bill for the month, it’s amazing how the stops just follow that thing right up. hahaha.