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United States Oil ETF Message Board

  • acanova2001 acanova2001 Mar 24, 2009 8:29 AM Flag

    USO is a scam

    I bought USO back in January at 32.93 when Oil was at $41. Now Oil is at $53 and this is lower than what I bought it at. What a joke. I dumped this yesterday. Better off buying a basket of oil stocks.

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    • same happened to me... bought at $32 when oil was $40-41. Reason is cause of the rollover in mid-month into the next months futures contracts that lately have been trading for higher $ than corrent month. Then when that future month becomes the ciurrent month contract it tends to pull back a bit. So basically you're chasing a yo-yo. I also sold yesterday at 31.50 and agree w/your comment may be better just to buy a basket of Oil stocks. This is very tricky when you're dealing w/futures.

    • I don't think you will get an argument from anyone on that point. The price used to trade 80% the price of oil now it is under 60%. Craziest thing I have ever saw. Liked oil long when it was in the low 30's saw almost zero down side. Then it starts to run and I think, great! Now I am trying to figure out if maybe will start trading downward as oil goes up, ha ha ! I only have some options in this puppy, thank God. I feel bad for some of these guys that have a lot of bucks tied up in her. It is one thing that a stock goes down because of bad earnings, etc.. But when what your betting on goes up over 50% and your price moves only a little bit, boy that stinks, imo..

 
USO
19.84-0.1000(-0.50%)Apr 17 4:00 PMEDT