Just wondering if anyone is even touching this inverse oil ETF as it makes new lows for the year . . . Anyone?
anytime you can get it in the low 29`s, take it for a swing trade.....it has a nice trading range, could have bought it at 29.50 and sold it at 30.50 (give or take 10 cents) several times over the last week. Watch for the next move after XOM pays out the dividend, or Oil moves down hard---then first target in the 35 range. When it moves, like XOM miss, it really moves.....and wait for the entire move, as it just grows after the opening price on a move day!
Like I said on the short oil thread, I've got it collared. I almost pulled the trigger today to roll my 30 puts to 26 and buy more stock.
250% average volume on a fresh 52w low. Always a great sign to buy more!!! I'd add another 1/2 right here and then another 1/2 down another 5% and another 1/2 down another 10%. And then a final 1/2 when we're down 20% from here. 200% long on a 200% short ETF. Making money was never easier. Remember: All legendary traders made their fortune AVERAGING INTO LOSERS!!!!
Not one bit worried, next position comes under $25.00. Im least worried about DUG, oil and oil stocks along with every commodity are overbought and ready for a correction. Long DUG, SMN, DEE and DCR. Added more SMN on Friday to my long term account...And will stay long DUG...