I closed my STO and WPL trades this morning for excellent profits, and for the following reasons.
The Saudi's statement that they won't cut production at any price.
I know it hasn't been that long since I opened the STO and WPL positions, but the weak oil price is lasting longer than I expected. The longer that crude hovers around 55, the more change of it breaking lower I suspect.
Imo the SPX is due for a breather tonight.
As mentioned on another thread, I prefer to protect profit rather than sit and watch a nice profit morph into a loss.
However, I still have USO and UWTI, and I will be looking for further oil related trading opportunities in the near future. STO and WPL have been good to me, so I might revisit these, or I might try CVX, XOM and COP in the US, or maybe additional ETFs.
