Opening a Bet Against Oil
Oil has been on a tremendous run. In fact, it's been almost too good to be true if you've been long the commodity or the oil stocks. But all things must come to end -- even if it's a temporary end -- and I'm starting to bet against oil with that thought in mind. Here's a chart of iPath S&P GSCI Crude Oil Total Return Index ETN (OIL) on the short-term time frame.iPath S&P GSCI Crude Oil Total Return Index ETN (OIL) -- Daily Source: Investools.com View Chart »
On this time frame, it's hard to think about shorting this ETN, because it just keeps going up. But my annotations show that it has weakened, rather than strengthened. Note how it has transitioned from a confirmed bullish to a suspect bullish qualified trend....447 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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