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Oil-Slippery Slope
I really think oil is about to retrace.
I had a similar set up (chart) back in Nov. 2007. I posted that the Q's were about to retrace. I suggested looking at QID (Proshares) which is Ultra Short on the QQQQ; 2x's short. I rode that in a short period of time from low $30.00's, to $55.00 area. Nice for an ETF.
Back to oil. It looks very toppy right now. I suggest taking a look at DUG, (Proshares) Ultra Short Oil & Gas. It is an ETF, so it trades like a stock. It is not an option, contract or commodity.
DUG has consolidated, sitting on a nice bottom, lots of recent vol. I would watch for a spike in RSI. MA's are starting to curl upward, thats a good thing.
One to watch. Just an idea.
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