USO gapped below the 200MA from the last 2 days, wait for confirmation it breaks the 200MA resistence and reverse it as support before any long entry.
Catching a falling knife is never easy, but signs of liquidation are clear today: Oil is down -0.35 as I write this, while OIH is down a disproportionate -5.75. Long a few top oil names here for the next few days.
Buying the sell off is wise if you leg in. Oil is pulling back, close to key support. The round number is very very important. Will there be a rally, of course, but when is the question. This could be a politcal play, however, I doubt it. Oil has risen over 700% since 2000 or so. This is a small pull back in real terms. Picking up oil in the 90s will be a gift, don't think we will get that.
Whats wrong with people. 2 years ago $100 oil was Inconceivable and now $100 is huge support? These analysts are brainwashed, I hope they dont believe the junk they spew. And somehow now $100/oil is going to ease inflation? From what hyperinflation to severe inflation? Funny how they are dumping gold here. They are putting OIL GOLD and SOYBEANS in the same basket. These are all very different and have different supply/demand fundamentals. Out of these Gold is the one with the biggest supply issue, with no substitutes.
Options is an alternative tool you can use to control your risk/profit instead of naked long, what you said has nothing to do with my comment on entry based on technical.