This is not easy, having crude oil light my portfolio up every single day. I don’t enjoy it, and am absolutely furious that I added to my hedge/short where I did. This position is swallowing me whole.
Thank God for the rest of my portfolio which is at least holding me to limited losses; but make no mistake, I have taken losses over the last three weeks. Between being short UCO and MGM, plus being “blessed” to own garbage like CCJ…well, it’s been a rough October.
But despite that, I’ve made the decision to not cover until this immediate European Union issue resolves itself.
I just cannot believe we sprint higher…uh, -er, even if the Europeans announce a bailout fund that defies all expectations.
We have absolutely rocketed. Oil is now basically going for $90 /barrel. Did you see that??
Chinese and U.S. manufacturing barely expand, European manufacturing gets crippled, yet oil is bid up to $90 a barrel.
Oil bulls need their heads examined.
For better or for worse, I await the resolution of this nonsense. If I am wrong, then I will accept the Godless losses (10% and counting) this rally has bestowed on me.
On my bloodline, the Europeans will disappoint. They have a long history of being disappointing; they will be so again.
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350% short and sitting on 20% loss. May have to cover at 30% loss. This rally is kicking in the balls.
Holy shit man.
wait one more day.
Went long 2k shares of DTO today…down a tad so far but i like my odds.
(laughter) Jesus my portfolio is down more than 4% today alone.
There is no way this move in oil will last.
I guess the invasion of Iran is currently being priced in.
Uh, this is one of the worst days of my portfolio. At least it’s not as bad as this time last year when STU tore my eyes out of their sockets.