First, let me gives props to The Fly, as he nailed XOM short. I happened to have followed him on his trade, (which I do all the time), and would like to thank him for the extra coin.
A bunch of oil names look ready to fall into the abyss. Feel free to comment with your picks.
PTR: PetroChina Company Limited
USO broke $33 today:
However, Woody’s RSI(2) is showing a buy signal in oil:
I’ve traded the DUG all week… Got in @ 29.29, have a stop @ 31.50… Pretty positive I’ll hold it over the weekend, but Asian Markets pushed the oil prices back to 42.60…
Still, with the price of these oil and gas companies and the price of crude? No comparison.
Actually, what you are seeing is the price difference between the January oil futures and February oil futures, there has been a $5 or so difference between the two contracts for several days.
Right now, the January contract is priced at $36 while the February contract is at $42.
USO is fucked up due to contract rolling and the contaigo going on. DBO probably a better etf to watch since they go a couple more months out on their futures.