First trade: All-in on cheap oil!
I never expected to open trading on this swing trading blog with a position on a commodity like crude oil, but after holding off for a month with my self-imposed start date, I couldn’t resist.
So I purchased 1000 shares of SCO — ProShare’s double bearish crude proxy — at $12.65 this morning. Here, I am looking for the triple bottom to hold, and will be out in a flash if it doesn’t. My initial stop will be placed around $12 on a closing basis.
For the potential upside, I’d love to shoot for the 50 day simple moving average close to $14, but first we want to see if we can get to Monday’s intraday high at $13.55.
Its a good feeling to get things underway!
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