On March 5 we issued a real time sell/short alert for crude oil, via the $SCO ETF, which at the time crude was trading over $46.
As of 3/30 it was trading down to $20, for it’s worst month on record. $SCO was trading at $19.43 then and traded as high as $67.35 on March 20.
Our commentary (see screenshot below):
“Crude oil continues to be a very weak chart on my screen. Conversely, the short Crude ETF $SCO is setting up well. $WTIC If there is any economic slowdown, crude is usually very vulnerable.”
“$SCO picking up. I am surprised that Crude is still over $46 with travel and tourism as weak as it has been. Still a very weak chart in $WTIC.”
Also, the note below aleriting subscribers to a potential spillover effect into other markets, just before the S&P 500 fell into a bear market.
“Crude oil is down 10% today an $SCO is +20%. These types of massive moves often have a spillover effect into other markets.”
