It looks like WTI crude oil futures will close up today. That will be the ninth consecutive day that they are rising. In the last 23 years that has happened on only 8 previous occasions. In all but one of these 8 times, crude oil snapped the winning streak the following day. The mean return for all 8 occasions is -0.9%.
I am going short USO as a short-term trade, expressed through put options, which I expect to close by the end of the week. I don't have a precise price target, but I am looking for something around 77. I'd take a loss on the trade if USO were to close above this week's high above 78.78
I am going short USO as a short-term trade, expressed through put options, which I expect to close by the end of the week. I don't have a precise price target, but I am looking for something around 77. I'd take a loss on the trade if USO were to close above this week's high above 78.78