Check out all the big boys are buying up a lot of oil stocks
I agree with you feedback. Although with the oil oversold last week, I expect UCO to have a technical rebound back over $9.50 tomorrow. I would not be surprised to see it over $10 before September. Thanks a lot of sharing your opinions with me. Wish you a very successful trading day tomorrow.
Crude pushing $76 in last several hours in lieu of Walmart and Home Depot reporting and housing starts and PPI data. At 9:15EDT, we have the monthly Industrial Production report being released... and then we wait with baited breath what tomorrow's EIA crude inventory report could bring us.
Preliminary data seems mixed ahead of tomorrow's EIA:
* Crude oil output from nine of the main North Sea streams will rise by 7.6 percent in September, according to data compiled by Reuters from trading sources. * U.S. crude stocks fell 1.1 million barrels, gasoline supplies dipped 200,000 barrels and distillate inventories gained 1.3 million barrels, a preliminary Reuters poll ahead of weekly inventory reports showed Monday. * The U.S. National Hurricane Center said Tuesday the remnants of Tropical Depression Five moved inland along the Mississippi Gulf Coast over the last few hours and had no chance of redeveloping.