the Yuppie Pig

I'm seeing that spot crude is down a dollar tonight, along with the market. Crude oil, and oil stocks have been doing well recently on the "re-flation" thesis. But in the short term, I dont think it has any merit for the move up. However, that said, long term, I remain bullish on a finite resource that essentially has no alternative. But for the trade...

The 60 minute MACD has rolled upwards, and DUG has broken the downtrend. I could see a quick move up to 27 and then to 29 in short order, especially if the market pauses or pulls back here. A stop could be used just under 24, where a tiny flag has formed.


I don't want to pile into a gap up on this name, but at the same time, I do want it to trade up a little, to break this tiny flag and get some momentum.