ProShares Ultra Bloomberg Crude Oil 2X ETF (UCO)

[EquityMonster83]

UCO chugging along to $40. Would not be surprised if this is at $60 by the end of July.

[Smilin_B]

UCO hit $30.63 earlier

[Nichopm]

Here’s hoping!

[Smilin_B]

Brent Cruse is trading at $42.50/barrel

UCO should start to breach it's pre split levels and head into the $31 - $32 area

[Smilin_B]

Isn't it incredible that UCO is still trading BELOW its pre RS price and oil has nearly doubled since then

[sharky]

Oil broke 40.00 today, looking to settle 55.00 IMO



$UCO

[Nichopm]

Still above my cost basis but if it keeps falling I might consider adding.

[sharky]

Oil dip opps



$UCO

[sharky]

Oil market big dip due to possible second wave of coronavirus. More buying opps IMO



$UCO

[Up_Down]

Nice close today above the 50ma. This should be a good week... GLA

[Smilin_B]

Im still long 100% of my shares here.

It's been a terrible ride to the bottom but hopefully everyone held on

My only concerns on UCO for the "mid-long term" is the time/decay/contango issue that makes these type of 2x/3x leveraged etf's not such a great longer term hold

But let's see how UCO does as it breaches pre split levels around $32/share

[sharky]

It should break 50.00 short term IMO. Anywhere from now to end of August. I believe it to be a no brainer.



$UCO

[luckydude777]

NO p.m.

I'm with you on the price.

[sharky]

Yes sir. :)




$UCO

[equijohn]

Good strategy

[luckydude777]

Simple stress-free strategy for those who have patience:

1) Buy shares at the current price.

2) Set a target price of $40 short term and keep your computer turned off for roughly a month.

[luckydude777]

Saudi Arabia wants Trump to get re-elected.

So the price of oil is going to get back up to where Trumpsky wants it.

[Nichopm]

Damn man, can I borrow your crystal ball? Go UCO!

[luckydude777]

Ready to advance again.

[p3]

Wti resistance around 40 per barrel. Tested and fell back to support all day. Extended hrs UCO up to 28.73. Once oil breaks thru 40 upside seems good to some whole numbers 45, 50. Unclear where upside resistance lays as there is such a gap after the collapse imo.

[luckydude777]

Was time to rebuy near the close today.

[Nichopm]

Not today we didn’t :(

[luckydude777]

Making so much money in UCO I feel almost like a thief.

[Nichopm]

Kinda surprised by price action given OPEC news

[slicknick617]

Up or down Tomorrow ????

[slicknick617]

So are we going up this week or down ???

[equijohn]

Saudis Make Biggest Oil Price Hike in 20 Years After OPEC+ Cuts https://t.co/wUg8C5jx0t

— John Equi (@equijohn) June 7, 2020

[dealerschool2006]

Same reason why -40 F and - 40 C are at the same temperature...UCO starts at a lower price but rises twice as fast as Oil percentage wise, eventually they cross paths, and 60 is really close to the cross...

[Taurus69]

$uco $29.77 ^ 2.68 (9.89%)
Volume: 15,625,043 @06/05/20 8:00:00 PM EDT

[Nichopm]

Here’s hoping with cuts remaining in place

[equijohn]

$USO $UCO $OXY $WTI #opec_plus production cuts remain in Tact https://t.co/UxGqY7JzxF

— John Equi (@equijohn) June 6, 2020

[equijohn]

$USO $UCO $OXY $WTI #opec_plus production cuts remain in Tact https://t.co/UxGqY7JzxF

— John Equi (@equijohn) June 6, 2020

[Olmo]

How can both be at $60 one day with one at 60% gain and the other at 120% ? One should be double the price no?

[equijohn]

OPEC Cuts Remain in Tact

https://twitter.com/equijohn/status/1269313374174826498?s=19

[equijohn]

If production cuts extensions go through without any nonsense , then it could easily go past $32 next week , relatively speaking $UCO and $USO are still bottom chart

[Smilin_B]

UCO will be $32+ next week

[Smilin_B]

Yes UCO is slowly stair stepping higher.

So is my LK

[dealerschool2006]

UCO goes up 2xs % as much as oil goes up...so if oil goes to 60 then UCO will be @ 60 as well...oil will be +60% UCO will be +120%...

[TraderRich]

There's MA resistance at 40.46 today and a gap fill at 41.05. Watch those areas for resistance/pullback. Support for that pullback is in the low $31's. IMO

(This is for the current crude futures contract)

[equijohn]

$UCO blows past $USO in pre market trading both over $28 PPS now , $UCO closer to $29

[Smilin_B]

We shall see my friend.

Oil has a tendency to oscillate but we have the summer driving months approaching and I firmly believe we are going to start eating into our Strategic Petroleum Reserves as the U.S. economies start back up.

I can see $40 - $50 crude within a month

UCO volume was absolutely insane today with over $1 BILLION dollars worth trading.

Some heavy hitters are loading UCO

All the cool kids are playing

[sharky]

US opening up, traffic picking up, supply will be eaten up, the price will go up. :)



$UCO

[equijohn]

At $1.06 pre spilt price, that tells me at $27 PPS , despite being up significantly from it's low of $11 post split, that there is tremendous upside and can see $UCO easily reaching $100 PPS by the fall . At some points of trading the past 2 days past $USO in PPS. This is just the beginning IMO.

[dealerschool2006]

I understand now...It didn't occur to me the multiplication sign was about % of movement...and didn't understand much about the R/S either, now I do...thanks guys for helping clarify this out...I missed the boat when Oil bottomed out, my mind was on other things and I finally remembered there are oil ETFs...curious to see whether Oil will rebound before TNA...UCO upside is prolly 60s where as TNA upside is 75 to 80...

[Smilin_B]

What exactly is your question?

UCO had a 1:25 Reverse Split

For every 25 shares of UCO, you received 1 share

At $26.50/share right now, that's the equivalent of $1.06/share pre split

UCO was NEVER 2x the price of a barrel of WTI crude oil

It trades at 2x whatever the percentage intraday gain or loss of crude is.

So if WTI crude goes + 2% then UCO goes +4%

Also keep in mind that UCO is not presently tracking the front month contract of crude.

[p3]

Yes and no it won't go that way again due to reverse split and contango. Best you will see here about 60. In and out my friend in and out

[justdothis]

It usually goes up and down 2 x the percentage of oil going up and down...not 2 x the price of oil. Oil goes up 2%, this should be somewhere close to 4%...but we have contracts way out so it won't ever be exact. Oil get to the $65 range, we should be up above it.

[dealerschool2006]

the r/s still should make UCO 2x Oil which it isn't, when do we see a true representation of that...unless there is something I'm missing...what is the link for half of what UCO pps is???

[dealerschool2006]

when oil was 50-55 UCO was over 300 wasn't it???

[sharky]

Oil touches 50-55, UCO touches 50 IMO



$UCO