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
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
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