Really, I want to know.
Oil is down 70% inside of 6 months and yet assholes are buying XOM, CVX and other oil names. Seriously, this is not a very hard trade to execute: short oil stocks with impunity.
Now, as sure as I am sitting here, on the next rally, oil/gas stocks will catapult higher, but they shouldn’t.
Listen to me you fucking idiots: they industry is ruined. The underlying securities are vastly overvalued and many of them will go all the way to zero, suffocated by egregious debt burdens.
You cannot buy NOV or RIG, thinking “oh shit, oil is gonna go.” That’s not how it works, asshole. These companies have capex budgets. Those such said budgets are being axed, amidst all the panic. Believe you me, oil producers and exploration companies are fucking scared shitless now.
With that being said, I will hold and add to my DUG/ERY positions, until they are much higher.
As for the market:
I bought some EEV; but sold no longs. I am as stubborn as an insolvent bank asking for a bailout.
In other news, my wife just informed me that some asshole backed into her car, at the mall. So, I need to get the fuck out of here, in order to take the car to a fucking collision shop.
Good times.
UPDATE: I bought 5,000 CHL @ $46.10 and 2,000 ACM @ $25.45.
UPDATE II: I bought LNN @ $27.41 and BUCY @ $14.85.
UPDATE III: I added to ERY @ $37.25.
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