Oil prices down again today. Maybe a double bottom? I'm not looking to play long USO, but I am looking into playing long some of the big boy oil companies.
Ryan u holding through inventory report? Oil has fallen out of favor over the last year in my port except for some premarket UCO scalps in very select situations, but holding into inventory makes sense as most expect it to rise again this week. You might consider exiting after any post-report quick drop as a countertrend bounce would make a lot of sense (max profits on exit, and can reshort from better cost basis).
Ryan u holding through inventory report? Oil has fallen out of favor over the last year in my port except for some premarket UCO scalps in very select situations, but holding into inventory makes sense as most expect it to rise again this week. You might consider exiting after any post-report quick drop as a countertrend bounce would make a lot of sense (max profits on exit, and can reshort from better cost basis).
I do plan on holding through. I may hit the market on a drop and stop out back up at 34.80.