Citi VelocityShares 3x Long Crude Oil S&P ETN (UWT)

[value1008]

UWT - i bought 500 shares today at 23.76 after WTI oilprice LOD at 59.30 and rebound up to $60 looked to me like a defense of the horizontal support line at 59.20 set back on Feb. 4, 2017.

Hey, it's been ten consecutive straight red days (assuming today's close is still in the red).

WTI could of course fall lower to test support at 57.30 (Dec. '17) or $54 down to $49 (various support/resistance levels in 2017).

It's just a relatively small position, but i expect a bounce on Monday after this weekend's meeting of OPEC/non-OPEC (Russia) energy ministers.

Meanwhile, i've been swing-trading cos. like CRZO and BCEI. Now have positions at low prices in CRZO, BCEI, and LPI which i may hold longer term into 2019. All seem tremendously under-valued. (E.g., BCEI trades at a forward P/E of just over 3 on analyst reduced estimates for 2019 EPS of 8.35)