Friday, June 14, 2013

Oil: Pattern Changed

Oil (both WTI and Brent) had a set pattern last couple of weeks. Was going down overnight and then up after US markets open. Today pattern was reversed: oil up overnight and going down since 10 AM EST.
I traded this pattern several time. Today it was a loss. Well, let's wait for another pattern to emerge.
Possible tools to play if you don't have futures account (I qualify but prefer to trade on the safer side with ETFs):
USO (long WTI ETF)
DTO (double short ETN)
SCO (double short ETF).
Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in DTO over the next 72 hours.
Additional disclosure: Positions can change any time.

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