Wheee, that was fun!
For thos of you lucky enough to subscribe to yesterday morning’s PSW Report we had almost all day to get in at our target entry on Oil Futures (/CL) at $20 per barrell and we got a nice ride to $22.50 this morning – for gains of $2,500 per contract on our two long contracts as Oil blasts 10% higher this morning.
Apparently China is buying up oil to fill up their Strategic Petroleum Reserves while it’s so cheap and who could have seen that coming? We could! That’s what happens when things get cheap – people buy them! That’s kind of the whole point to INVESTING – understanding the true VALUE of things and taking avantage of situations where the PRICE does not match the VALUE. QED!
Still, we don’t want to be greedy so we’ll set a stop at $22.50 once /CL is over that line and at 0.615 on our Gasoline (/RB) Futures that we picked up as it came back to the 0.55 line into the close – also stupidly cheap and now up close to $3,000 per contract at 0.62.
That was a pick we discussed in our Live Trading Webinar and again in our Live Member Chat Room and playing the Futures is another excellent way you can make quick money to supplement your portfolio during a choppy market.