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Monday, August 15, 2011

entered SU

I entered a position in SU. Its a direct play on oil, as I think Oil is trading at its lower end range. The oil play caught my eye over the weekend with this Baron's article highlighting the reduced production the majors are doing

The reductions will cause the over supply facing this country to go away, and back to higher oil we go. (I think it sucks, and hate it, but the opportunity to play it is now.)

The chart is nasty, like many other names, especially commodity names. But this is a play on what we will see in the oil market a month or two out.  I would like to see a move toward 40-41. (But will be actively trading it as the technical damage may cause a rock march toward 41.)

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