Capturing the October Advance in NYMEX Crude
by Mike Paulenoff
October 9, 2015 • 12:00 AM EDT
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.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
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