Capturing the October Advance in NYMEX Crude

On Sept 21, anticipating the rise in oil prices, Mike added a long position in the U.S. Oil Fund ETF at 14.90.  He noted that "the USO continues to carve out a bottom-like accumulation pattern since mid-July."
 
This Friday Oct 9, he exited the position on a stop at 15.98 for a profit of 7.3%, capturing the entire October advance in NYMEX Crude Oil from $43.97 to $50.92.
 
Mike has now had 14 winners out of 18 closed trades since the market meltdown in mid-August, riding the September rollercoaster for gains of 209% in the USO Calls, 87% in NUGT, 50% in VXX, and 27% in FCX.
 
See Mike's most recent chart on the USO.
 
 


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