Capturing the October Advance in NYMEX Crude
by Mike Paulenoff
October 9, 2015 • 1:00 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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More Top Calls From Mike
Back on November 11, after Walt Disney Company (DIS) reported earnings the previous evening, Mike Paulenoff cautioned MPTraders about more downside for the stock:
"DIS disappointed in a big way, sending prices reeling beneath the lower boundary of its 7-month sideways trading range at 167-168, into the 164 area so far, with my optimal next lower target zone from 158 to 151, within which I will be looking for signs of downside exhaustion (last is 164.92/99)...
One week ago, on Monday morning November 15, Mike Paulenoff posted the following alert for MPTrader members about HD (Home Depot):
"My attached Big Picture Daily Chart shows that all of the action off of the 10/27/21 ATH at 375.15 into last Fri's close at 372.63 exhibits the right look of a high-level bullish Pennant or Flag formation atop the upleg that started at the 10/10 low at 324.16.
Two months ago, on the afternoon of September 13, Mike Paulenoff brought to the attention of MPTrader members the intriguing and potentially opportunistic technical setup exhibited by the XOP -- the SPDR Oil and Gas Production and Exploration ETF.
Early on October 15, when CVS Health Corporation (CVS) was trading at 85.92, Mike Paulenoff highlighted upside opportunity for MPTrader members, writing:
"For the past 5 months, CVS has gone pretty much nowhere after hitting a new 6 year high at 90.61 on 5/25/21. It is precisely because CVS has traversed a sideways price path since late May that makes my work interpret the CVS technical setup as extremely promising for a run above 90.61 towards 100, and possibly 108-110 in the upcoming weeks and months.
On the morning of October 14, Mike Paulenoff posted the following time-sensitive comment about CHWY (Chewy Inc) to MPTader members:
"CHWY has the right look of a very mature correction from its ATH at 120 (2/16/21) to Monday's (10/12/21) low at 60.45, which represents a 50% haircut from the ATH. As of this moment, with CHWY trading at 62.72, my work does NOT yet have confirmation that THE LOW has been established.
