Why OPEC Is Talking Oil Down, Not Up, After 48% Selloff

Why OPEC Is Talking Oil Down, Not Up, After 48% Selloff



This is another critical article about the great oversupply of oil.  I sold my ERX energy ETF today for a small loss of around $20 because there is no sign for the bottom in the price of oil.  Moreover, we could stay for months on the bottom before the surplus oil is sold.



OPEC is actually hurting themselves with the lower price of oil, but they know the surplus has to be depleted.  The bottom line is that oil stocks should be avoided for the next several months although I do hold a couple of oil dividend stocks, ROYT and PBT.  My biggest holding is UDOW, the 3x Dow ETF, which I bought near the recent bottom.  I plan to take my profit when the Dow eventually gets around 18,000 again.