$SPDR S&P 500 ETF Trust(SPY)$ High risk often comes with the potential for high rewards. UCO, a leveraged bet on oil, is up 6.84% premarket. You can also expect to see decent moves in XOM, CVX, and OXY going forward. The latter are real investments, while I'll admit that UCO is more of a speculative play for me.

A reasonable counterpoint would be: “XOM, CVX, and OXY are all up big time over the past twelve months. There seems to be little upside left in oil stocks at this point.” I see it differently. I believe we will still see historic moves in oil, though none of this is positive for the broader economy or the world.

We are in the midst of what will likely be formally termed a Commodity Supercycle. Just take a quick look at cooking oil prices. It's quite something. The situation does paint a concerning picture. Much of this could have been avoided with more visionary and intellectually honest leadership. The current circumstances feel more like a direct byproduct of amateurish decision-making. It's a shame.