Joined Jan 27, 2008
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Normally yes, but with steal coal, and ags rolling over, and energy stocks breaking, I certainly don’t trust it.
But I think it could be a good spot for some 111 calls and 109 puts. Just give yourself some extra time, and then if it breaks out or down be quick to confirm direction and you should be fine.
short answer = no, even though it still looks bullish.
I intend to buy USO but hope that I can get it a bit cheaper than this, because a mini correction on the way up is healthy. Until then I am on the sidelines. Also I don’t trust the government f’ers (of any government) not to somehow intervene because of the upcoming election. I’m patiently biding my time. A small occasional purchase would also help you leg into a position at a good average cost. Or, buy USO, along with protective puts.
JMHO. Oil and nat-gas are definitely not my specialty.