Trade: MELI, HK, CLR

Completely coverd shorts:  MELI ( +11% at 26.69)

New shorts:  HK (25.92), CLR (45.20)

I really wanted to get long energy today, but I saw how GMX Resources Inc. [[gmxr]] coasted all the way to the red.  There’s still not enough confidence to get another squeeze in those energy momo stocks that I like.  Therefore, shorting HK and CLR was a contrarian move against oil’s $25 record jump.  Make sure you get long energy/oil stocks by the end of this week.

Also, keep an eye on Hawaiian Holdings, Inc. [[HA]] which might drop 30% from here.  I’ll make a detailed post on this later, but its a basic combo between higher oil prices and a huge slow down in tourism in 2009 that I am forecasting.