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10baggerbamm OP : I was expecting because of the impending attack from Iran in retaliation to Israel that oil prices would go up today and you can see the range throughout the day I was just over $9 but immediately reverse because now the concern is the US economy is going to head into a recession because chairman Powell he is acting far too slow to cut interest rates so oil fell and that brought this basket higher.. so right now I would tell you to hold off and not buy it because the original trade was going to be if Trump wins you buy drip because he'll drill frack and the price of oil in the United States per barrel will drop probably to the low 50s high 40s and this basket the ETF would go in my opinion between 18 and $21.. but right now the market in the US is a complete disaster so I would tell you just to hold off from here because there's other variables affecting the price of oil right now and that's not why I was looking into this ETF and why I have traded it in the past I was looking strictly primarily for trade depending upon who wins the presidency
Salmon Klein : but this is against an oil price increase, right? so somehow make sense? or what I am missing?
10baggerbamm OP Salmon Klein : yeah I had somebody email me and I'm like you got to stay away from it you don't want to buy it now this was bought for a presidential election trade if you look when I originally started talking about it it was $7.80 and it's traded up to wherever it is right now as of this message. you have the potential for a massive escalation and I know we already went through I ran attacking with drones is real earlier but this one potentially could be much greater according to what the warnings are that are coming out that started this week and it is like 24 to 48 hours they're saying before they retaliate they're pretty good at you know going after the Jews on the Sabbath so maybe tonight right. that potential should have sent oil prices up pretty dramatically like $85.84 instead we're dropping why are we dropping because the fear of a recession is very real when that happens people tighten their belts they don't travel they don't fly they don't take vacations everything slows down so if you think about you don't go to a restaurant used to go every week now maybe you only go twice a month the amount of food that's getting shipped there is not as in much demand so less 18 wheelers on the road everything trickles down so that's literally what's happening is they're saying oh we going to recession oil prices people aren't going to consume gas as much prices go down that's why you see the drop and gasoline prices and that's why this is spiking this basket here drip. so I think it's pretty risky to try to play this right now I posted yesterday you know if we were to dip at 9:00 or below 9:00 I was going to nibble it came close to 9:00 I missed it if you bought it I would sell it right now to be honest I take your dollar and change profit and run because if there is something with Iran Israel tonight that is really bad or this weekend oil prices will most definitely Spike