West Texas Intermediate crude futures fell by as much as 4 percent Tuesday and the benchmark U.S. oil contract is hovering perilously close to its 2015 low.
Five oil exchange traded funds have hit all-time lows to this point in Tuesday's session while the Energy Select Sector SPDR (NYSE: XLE) has tumbled 15.1 percent over the past 90 days. Those data points are not preventing some traders from playing a potentially dangerous game with leveraged bullish energy exchange traded funds.
“As of the first few trading days of August oil prices have recorded their worst numbers since March and natural gas hit a 2-week low. Oil prices fell for the seventh time in 8 weeks, due to the latest weekly U.S. government report that showed an unexpected increase in crude supplies. On top of that, the number of oil-directed rigs increased, adding to the negative sentiment. Geopolitical and economic turmoil in Greece, Iran and China ...
/www.benzinga.com/trading-ideas/long-ideas/15/08/5756589/dancing-with-the-devil-looking-for-bottoms-with-leveraged-bul alt=Dancing With The Devil: Looking For Bottoms With Leveraged Bull Energy ETFs>Full story available on Benzinga.com
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