Veritas edged out The Cajun in the final minutes of the league championship with Donald Driver scorning the needed points for the win.
Covered PTR Short
I covered my short in PTR @ 83.90.
Comments »Gap Fill Special: PTR
Continue Lower
Today feels great! Just last Friday I got rid of my longs in order to start ’09 with a clean slate– Fly’s orders. I can’t tell you how happy I am to see stocks trade lower today. It also helps that I’m long FAZ (I’m short the banks 3X’s) and short PTR.
It’s amazing to see oil trade like there is no need for it anymore. Just so you know, in case you did not, deep water drilling is a very expensive task.
I would not be surprised to see DO & RIG continue to knife to unthinkable levels. You see, it makes no sense to drill wells when you can order it overseas on the cheap– by doing this you also eliminate the risk of drilling an empty well. Project cancellations will be similar to hedge fund redemptions, everyone wants out.
Note: There is one oil stock I’m considering buying here, UPL.
Comments »Oil Shit the Bed
Fly tried to tell you guys oil was fixing to rollover, after it already rolled over. Most didn’t believe, I mean oil had to bounce, right? Wrong.
Right now if you are short anything oil, you are experiencing bountiful gains, I happen to be short PTR and couldn’t be happier. I was short XOM, but covered on Friday for a minimal gain, my bad.
The service names are getting destroyed, it all started with GW this morning.
I hate to see this happen, pretty much my whole family works for some sort of oil company, but it is what it is. Thanks heavens I escaped the DXO trap, what a disaster.
Soon, oil will be a buy of a lifetime, just not yet.
Charts:
Note: It looks like Veritas will win the iBC fantasy football league, he needs one point to defeat The Cajun and he has Donald Driver playing tonight. Somebody put a hit out on Driver, please.
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