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Oil: Pattern Changed

|Includes: DTO, SCO, The United States Oil ETF, LP (USO)

Oil (both WTI and Brent) had a set pattern last couple of weeks. Was going down overnight and then up after US markets open. Today pattern was reversed: oil up overnight and going down since 10 AM EST.

I traded this pattern several time. Today it was a loss. Well, let's wait for another pattern to emerge.

Possible tools to play if you don't have futures account (I qualify but prefer to trade on the safer side with ETFs):

USO (long WTI ETF)

DTO (double short ETN)

SCO (double short ETF).

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in DTO over the next 72 hours.

Additional disclosure: Positions can change any time.