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Wednesday, June 10, 2009

Still short the USO

I'm staring down Goldman, and calling their bluff. F- them to call on 85 oil in the heart of a recession while we are swimming with inventory

Keeping in mind I am also long NatGas (to also play the contraction in ratio of oil:natgas that should take place) and PBR (as it was sitting on support and oil above 60 for PBR is really good). I guess these can be viewed as a hedge too.

But as far as backing away from the oil play, i say, f-u GS ;)

Will look to add to the short USO (via oct puts) and long UNG (via shares in the ETF) when/if oil hits 75. (I'm sure GS can arrange it for me)


  1. FWIW the Fast Money guys (and gal) are calling bullshit on the commodities rally (esp oil) tonight.


  2. Belated kudos on this call BTW. We both closed out our trades too early, but it was still ballsy to fly in the face of GS and their call for $100 crude. I got spooked by the $ weakness, not your call--woulda shoulda coulda.