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I hadn’t been paying attention to the ETF impact of the crashing futures prices. Wow:
From https://www.cnbc.com/2020/04/21/usos-benchmark-is-the-near-month-crude-oil-futures-contract-traded-on-the-nymex-if-the-near-month-futures-contract-is-within-two-weeks-of-expiration-the-benchmark-will-be-the-next-month-contract-to-ex.html
"Retail has been plowing into these oil contracts thinking they're buying spot crude oil when they're buying the next front month. So they're paying $22 a barrel when the spot market's negative $38. Retail investors are going to get fleeced if they continue to fly into these oil ETFs," he said Monday on CNBC's "Closing Bell."
This seems like a very stark example of the need to research before investing.
Bruh
Maybe stick to buying the market
There’s a chance USO is delisted and id do everything in your power to sell at open tomorrow
The exchange will delist a stock if it falls below a certain dollar threshold (i.e $1 or $0.50). USO is an ETF that derives it’s values off of rolling futures, the May negative oil futures you see in the news haven’t even hit the USO ETF yet.
Good news literally just came out for OP tho, the managers just updated the prospectus that they will shift some of the underlying futures contracts to July and August.
This means the managers are taking the reigns and are prepared to actively manage the ETF to keep it breathing for the next few months.
I’d still get tf out of it at open. I had Leaps that I got out of at open this morning because I realized how it could go to 0 very quickly.
Interesting to see D1's post about how it would bounce back has disappeared now that they've announced a reverse split and are barely surviving.
Since you buy things you have no clue about, let me sell you some xxxxxxxxxxx at a steep 60% discount
USO is going to go back up when demand increases and supply decreases. Might take some time (a few years), but uso is at record low right now - just need to hold. What is your price per share? Assuming $3.5?
Nice entry price! That was the strike price of my puts today.
Wait how did this happen OP? Was it a mixup where you thought the ticker symbol was for another company?
Or was it based on a recommendation from family/friend/tv personality without knowing too much about it?
What price did you buy that for? I believe JPOW will come to save it soon enough
Sell ASAP. Then buy again later. Next time be more careful
Thank you
Volume today 10x normal, you might be holding some worthless paper here in a few hours
Jesus thank you lol
Maybe do some DD before buying a stock or ETF next time?
Should have waited
500 out of 4K. Not bad. If your can afford to hold out then wait and turn a profit.
Sell sell sell...
https://www.cnbc.com/2020/04/21/retail-investors-who-believed-they-were-investing-in-crude-oil-get-a-rude-awakening.html
I'm not an investment professional and have no primary investments in oil. If I did want oil exposure, I would probably try to find oil companies with healthy balance sheets (if possible) and a history of paying dividends.
I bought USO too. I'm going to exit once its back in business. whatever happens in the meanwhile, we'll see. My position is less than $500, however
🤦🏿♂️
I would sell that cr*p and buy AMZN with what you have left.
The 8/1 reverse split scheduled for April 28th is gonna crush you. Not sure I would follow the advice I’m seeing here of holding and waiting it out. I would sell ASAP
Yeah I rescind my hold take. Sell baby sell