#ContangoETFs I searched back for spikes on BOIL that were over 50%. Below is a chart with:
Date of the High
Percentage up from the recent low
Weeks it took to go UP low to high
Weeks it took to go back DOWN to the low (or at least in the neighborhood)
As you can see, from a percentage basis, this current spike is the highest. We also got here more quickly than other spikes above 100%. I don’t know whether we can say that this means we should be topping. But the freak out of current traders, being long oil and short NatGas, is largely responsible for what we’re seeing now.
We know it will drop again, but cannot say how long that will take or how high it will go first.