I sold the DXO ETF Double Crude Oil Long today

This is just a quick update.  I sold the DXO ETF that I was talking about a few times before.  My average price on this sale was 3.14 and my average buy was 2.32.  So the gain on this trade was about 35.4%.  Not bad for an ETF.  I did not want to be a pig on this one.  I believe the DXO ETF will go a lot higher and probably eventually will pop all the way up to 6, roughly corresponding to a move of 70 dollars in the crude oil price.  We are talking a minimum retracement from the literal crash that occurred in the crude oil price since last year.

So why did I sell today?  We are coming up into the top range of a resistance channel.  It is possible we could blast right through it, but you know what? I don’t care because 35.4% is quite acceptable and again… I just don’t want to be a pig.

By the way, I don’t know how many actually follow along here, but if anyone is actually following my trades or looking for signals keep in mind that it is very important for you to do your own due diligence on any potential trades.  But I have to say flat out that sometimes there may be slight delays between the time I actually execute a trade (either a buy or sell) and the actual time that I write about it on here. Actually, sometimes it may be much more than just a slight delay.  Perhaps at some point this will change but for now that is the protocol.

It is pretty amazing how things have changed in only about a couple of weeks.  Before 2 weeks ago it seemed like the end of the world.  But now it looks like a massive global reflation is taking place and commodities are leading the way.  It seems that commodities will lead the way up in this reflation and then stocks will follow, that seems to be the pattern right now and crude oil is no exception.

Posted in Online Trading
Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *

*

s2Member®