Bought to Open USO May 17 2008 $93.00 Put at 3.00
Trade
Trade ticket:
| USO May 17 2008 $93.00 Put 5.00 0.00 (0.0%) | |
|---|---|
| Transaction: | Bought to Open |
| Security: | USO May 17 2008 $93.00 Put |
| Price: | $3.00 |
| Target price: | $6.00 |
Trade Note:
I've burned myself a couple of times being bearish on oil... but, giving it another shot. I think hitting within pennies of $120 and pulling back psychologically damaged the bullish sentiment and pulled some buyers out of the market. I think we'll have about 10% of downside in West Texas Intermediate, which should be apparent in USO as well since it tracks WTI. Seeing some dollar strength here - it will really, really depend upon what the Fed does next week.Posted about 15 hours after the trade
Trade
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