Oil stock

Discussion in 'World News / Current Events Forum' started by stevena198301, Feb 24, 2015.

  1. stevena198301

    stevena198301 Elite Refuge Member

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    Any of you play in the oil market? I know Bear was posting crude bbl prices a while back. Thinking about jumping in with a few thousand on something like UCO for a while. Any unprofessional advice?
     
  2. pintail2222

    pintail2222 Elite Refuge Member

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    Appears to be not much new money moving in to UCO - but lots of short covering.

    As long as the USD remains strong - commodities will take a hit - they act as an inverse to the dollar.
     
  3. stevena198301

    stevena198301 Elite Refuge Member

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    Eh...

    I stuck about a grand in, between MHR and UWTI for a small long-term. I figure it'll go back up in a year or so, and I can use the extra to fill up when gas goes over $4/gal. :grvn
     
  4. pintail2222

    pintail2222 Elite Refuge Member

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    At least sell the March 20 closest OTM strikes to reduce the swelling of your pain. And fill up you tank with the premium collected today. :yes
     
  5. stevena198301

    stevena198301 Elite Refuge Member

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    Ended up putting $4K in to UWTI at $2.19. Now at 2.80. Saudi keeps bombing Yemen, and it'll keep going up. Saudi and Iran duke it out, I may be able to retire off that $4K. :l
     
  6. pintail2222

    pintail2222 Elite Refuge Member

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    Apparently China has no issue w/ what the Saudi's keep on doing to Yemen...

    They hauled out 2 million barrels over the weekend, ship-tracking data showed on Monday, despite mounting chaos in the country after the launch of Saudi-led air strikes last week. The supertanker was sailing towards the Chinese port of Qingdao on Monday after exiting the Gulf of Aden.

    http://www.reuters.com/article/2015/03/30/us-yemen-security-oilchina-idUSKBN0MQ0XW20150330

    But UWTI is trading at the bottom of a yearly range. So if you're the buy & hold type - be patient? :scratch

    Successful trades! :tu
     
  7. stevena198301

    stevena198301 Elite Refuge Member

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    I made that comment jokingly. Nothing more. Today (actually, the last few days), different story. It's all over the place, and by all over, I mean, going down like a prom date after a few shots. :flame

    Eh, hopefully, it'll go back up. I'll hold out and see.
     
  8. pintail2222

    pintail2222 Elite Refuge Member

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    It has built a base of support since the first week of January bouncing along $2ish...
     

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