Short Oil? I'm buying SCO

KCalhoun said:
Not a recommendation but I'm buying SCO if it keeps going up, for swing trade
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My forecast : $74 WTI by Wednesday afternoon. For a variety of reasons. I wouldn't touch a leveraged short until WTI hits at least $80. But that's just me. I did short Gold miners as a day trade first thing yesterday.
 
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WTI went down 0.9% when the US Dollar went up 2% from 6/15-6/18. It should have been down a lot more but since it wasn't it probably goes higher for now.
 
Well, that’s great that you are taking the risk. But, if you ask me, I am afraid of highly leveraged ETFs and don’t recommend these to others as well.
 
$80 WTI seems inevitable. Oil producer stocks have been kind of flat to moderately bearish lately but should wake up tomorrow ( TSX was closed today ). Nat Gas stocks have made for it.
 
OPEC+ decision could send WTI in either direction short term. If they stick to what they suggested so far then WTI is likely going up. If someone goes renegade and just starts producing we may retrace back a bit; I still believe $80 is a given just a matter of the path we take getting there ( rocky/volatile or smooth trend, quickly or over several months ). Nat Gas might actually be a safer bet short term, but WTI going to $100 is not impossible.

I cut back my positions a touch and I'm on standby to cut a few if things get dicey. Nat Gas I've added some money.
 
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