Absolutely not because the back month June contract is heading towards $23 a barrel right now.
The USO may be the next one to reverse split like UCO is on tuesday.
Trust me, I am watching all of these but they are day trading instruments only at this point. Our strategic petroleum reserves are overflowing right now and United States Shale frackers and refiners have not yet made the decision to shut down. Unfortunately many of them will have to file bankruptcy. And that is precisely what it's going to take for crude to bottom.
Once crude bottoms, then trades sideways and slowly begins to Trend up as Reserves begin to get utilized once the United States in global economies start to pick up, that's when USO/UCO could potentially be considered a buy-and-hold.
Im eyeing the ERX for pullbacks and may block scalp UCO if it gets a 40% haircut in a few hours
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