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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)

2 comments:

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

    Dan

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  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.

    Dan

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