Long SCO / Short Oil WTI (Second Attempt)Limit Order Entry Fill: 21.53
Stop: 21.45
PT: 22.30
Risk to Reward (R/R): 1:9.63
Shorting Oil via SCO shares Round 2
Key stats
About ProShares UltraShort Bloomberg Crude Oil
Home page
Inception date
Nov 24, 2008
Structure
Commodities Pool
Dividend treatment
Distributes
Distribution tax treatment
No distributions
Income tax type
60/40
Max ST capital gains rate
27.84%
Max LT capital gains rate
27.84%
Primary advisor
ProShare Advisors LLC
Distributor
SEI Investments Distribution Co.
SCO is a solid bet for investors looking for an inverse oil fund. As an inverse ETF, SCO is intended as a short-term tactical investment to be held only for its one-day exposure period, it's not appropriate for buy-and-hold investors. Daily compounding of SCO's inverse crude oil returns can lead to the fund's returns varying significantly from the intended multiple, so longer term investors must monitor and rebalance their position. SCO's futures-based index means that its returns reflect price appreciation on its futures contracts as well as any return from rolling those futures contracts. The underlying index provides exposure to three separate contracts at equal-weighting of 1/3 each. The first portion follows monthly roll schedule, while the second and third portion holds June and December contract that are rolled annually each March and September, respectively. Prior to September 16, 2020, the fund tracked the Bloomberg WTI Crude Oil Subindex.
Classification
What's in the fund
Exposure type
Cash
Bonds, Cash & Other100.00%
Cash100.00%
Top 10 holdings
Short Oil via SCOLimit Order Entry Fill: 22.30
Stop: 22.20
PT: 23.15
Risk to Reward (R/R): 8.5
OilWTI currently at resistance. If it breaks through resistance, we mitigate our risk with a tight stop just below the recent lows.
SCO Stock Chart Fibonacci Analysis 040523 Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 23/61.80%
Bullish on SCO - Bearish on oil & gasNow is a good time to load up on SCO. I think over the next couple of weeks it could drop 10% to 15% before really shooting up.
October and November will be a big month gas and oil.
OPAC has decidedly decreased their daily oil production by 100k barrels a day, and the U.S. has been artificially
SCO Eye spy with my little eye I see some interestCross arms buy longs pray to god, sounds good lets go.
Time to short OIL $SCO going higher$SCO has been forming a bottoming pattern for the last couple of months is about ready to break out. Upon breakout, I can see the first big target being $11.53 which would be the 50% retracement of the move.
Let's see what happens over the coming weeks.
SCO Proshares is a Buy Oil WILL decline for consolidationtest
ProShares UltraShort Bloomberg Crude Oil seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
What do you think?
A Bearish Bet Against US Crude Oil PricesI will be buying some slightly ITM Calls here expiring in the middle of April in anticipation for US Oil to potentially go down by the end of the Quarter due to the Fed's monetary tightening.
The technicals look good for this Bearish ETF; Bullish Divergence visible on both the MACD and RSI and alon
My positions updatesI will explain my positions and the TA on why I bought or sold
comments welcomed
See all ideas
Summarizing what the indicators are suggesting.
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Neutral
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Moving Averages
Neutral
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Moving Averages
Neutral
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Displays a symbol's price movements over previous years to identify recurring trends.