OIL

To prevent being delusted after going below $1 USO did a 1 for 8 split. You get 1 new share at $17.05 for every 8 shares you held at $2.13.

This gives them more room to free fall before being sent to the pink sheets or closing. They'll probably pull out of the death spiral before that, especially since they've basically restructured USO as a slightly front heavy USL, but your losses are licked in permanently.

It's going to be weird, because brokerages won't list 13 share contracts, so you won't be able to close it in a conventional way.

I'm learning all of this shit on the fly too. There's a good article and thread on seeking alpha.

i think there will still be some interesting opportunities in oil, dunno what hey are though

Link retard

Ita going to suck i think. We will end up with uso1 puts and no volume

>he thinks the lifeblood of the modern economy doesn't have a bottom
Seek help, bobo

I went looking for the link when I was posting, but i can't find it in my phone's history. Sorry bro.

If chesapeake is any indication people are going to panic sell when markets open. if you have any faith in the stock at all be prepared to swoop in for some really cheap bags. chesapeake later went on a mini moon mission. enough for me to regain a lot of what id lost but if id reupped and bought more i couldve really made out.

but also uso is not chk so dont quote me on that. this is a gamblers play only.

come to think of it, i really wonder if its not so much panic sellers but retards who think their ship has come in when their stocks value 10xs overnight.

USO is a fuck show right now. Even the old hands who knew exactly how to play it are noping out. Nobody knows what's going to happen, except they have themselves a $16/share mattress to land on a dollar again.

I still can't understand why premarket is bidding this thing up... Usually afterhours is bear as fuck. Not sure if smart money has an angle, or mentally retarded money on robinhood saw $17.05 and is going all in.

USA just leased oil storage for all the nations of the world that just bought hundreds of millions worth of oil while they had the chance to secure oil security on the cheap.

its amazing, the leasing is increasing demands on state side storage facilites, its saved the usa oil industry.

what a fucking save holy shit

Article link?

Bearish on tankers soon then?

Even after this reverse split i'm in the green and have more money coming in 1-2 weeks not bad USO bro's I was getting nervous at the end

I'm thinking of buying DBO when USO fud peaks.

Might wanna put a trailing stop in place user. Got a feeling things are gonna get bloody for uso this morning.

abc.net.au/news/2020-04-26/why-australian-government-crude-oil-purchase-teaches-economics/12185546

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What is even the point of reverse splitting? Attract more retards? My profit didnt change in the slightest, they just took all the small poop I held and made bigger but fewer poops with it.

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Where did you get in, or were buying puts all the way down?

bullish on silo's

Im selling all of it. I had my fun with UUSO now i'm all in on RTX

So that they don't get delisted retard.

I bought 200 contracts for a May 8 $4.5 call as well as a 10 contract $1.5 put to cover losses aaaaaaaand they're both pretty fucking worthless now. FML.

Thank you.

RH said to multiply the share price by 0.125 to see if your put is in the money.

If USO hits $36 the calls may automatically execute according to the selling alpha article that i can't find anymore. Don't quote me though.

I think it was 3.30 something

Pic Related

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