I bet he 'made money' on that position. I find it so amusing we hear from people who are supposedly making money shorting the biggest and strongest rally of the year
i wouldn't short long term, but if you're a good chart reader, you can scalp the crude for some good coin.
I was stopped out at $140.75 for a +$5.00 gain on my $145.75 entries....I have started to sell QM again today (Sept contract) for a new position at $147.25 and at $147.75 I will sell QM at all .25 and .75 levels up to low 150's for now.....(148.25, 148.75, 149.25, 149.75, etc) to cover a $5.00 range of price.
Just a way to align exit levels with entries for even dollar amount profit targets, since crude has excellent price movement these past months (like over $10.00 moves up and down in only two to three trading days....now that is what I call follow through).
Covered all my $147.25 short entries at $137.25 for +$10.00 per contract.....holding all $147.75 shorts for a current month CL $132 level bust. When I see The CL break $132 I will decide how to scale out the remainder in the days/weeks ahead.....so far so good with todays awesome pullback.
Yes, but if the dollar keeps getting pounded then oil could hold the $130's for a while....I hope not though as the U.S. economy needs oil price relief and FAST!
Is there some reason why USO can't be shorted? I tried to short it at the open and my broker rejected the order because the shares couldn't be borrowed. Is this just my broker?