Crude drops, just bought SCO premkt

Bought a bit of short crude etf SCO just now on this headline (not a recommendation)

https://www.cnbc.com/2021/08/11/oil...duction-to-support-the-economic-recovery.html


https://www.cnbc.com/quotes/SCO

 

This is the third time this year you recommended buying SCO in a new thread and the first two trades went against you in short order. Is there a stop loss involved in these trades or are you going to accumulate SCO over the next few weeks ? My take on the news item is quite different then yours ( anywhere from neutral to bullish for Oil prices all other things being equal ).

 

I scale out at 2day lows and back in at 2day highs for swings

 

So the question is, if unemployed go back to work, does demand increase or decrease? Whereabouts where I live restaurants are packed from breakfast to dinner, doesn't seem many not working and cruising all day.
Crude long term positions for me, so add on long till 110 or higher

 

Is this your personal opinion or is it the crowd sentiment currently that oil may reach above 100?

 

Crowd sentiment tends to be bearish on Commodities and related stocks but the supply/demand picture suggests otherwise for Oil/Copper etc. Which makes it a potentially lucrative area in an economic recovery. As much as the commodities themselves have moved the related stocks have lagged badly throughout this recovery.

 

Just curious can you share your source for crowd sentiment? I just looked up twitter, news sentiment, and COT managed money/ small spec positions for both wti and brent, all these data have retail, funds net long or at least net bullish.

 

Like Lumber?
Lumber futures dropped by 2.5 times in just 3 months.

 

I trade commodity area stocks on the TSX. Discretionary fund managers and retail investors are hugely underweight these areas except perhaps a few of the biggest companies. There is no crowd really buying these areas in Canada.

 

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TRUE/long term uptrend;
countertrend,SCO is above 50dma.NOT long or short.
Arabia actually has helped the bears a lot many times term......[ON a related note/ made a lot more money with main trend , but not main term trend on oil/ ETFs like QLD,QQQ,TQQQ,spxl,UPRO,SPYG.....................................................................................................]