A market update from Martin Tillier!
Buying Crude on A Strong Bounce With U.S. hospitalization and infection numbers from the Covid Delta variant trending the right way, even in the worst hit states where vaccination rates are low and mask-wearing is uncommon, the market is starting to believe that the worst may be behind us. Add in the news regarding full approval that opens the way for vaccine requirements among employers and a bounce in crude is only natural. If a full recovery gets priced in with supply still restricted and as we enter hurricane season, a big pop is on the cards.
I have been looking for that bounce for a while, but didn't act immediately it started, and I'm now regretting that. Still, if that feeling that a full recovery is imminent remains for even just a few more days, there is plenty of money to be made from here, so I am buying crude futures, CL. My trading style makes me want to wait for a pullback to get in, and I got one late this morning, which enabled me to get in at $67.20. |
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However, if you want to get involved in crude around here, my advice would be to not get too caught up in an entry level. Even buying on the up is better than getting left out if the move continues. If futures aren't your thing, you can buy UCO, the 2X leveraged crude ETF at just below $70. Stops would be somewhere around 66.20 for CL and 67.30 for UCO. Good Luck! Cheers, M |
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