iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,531 Blog Posts

Time to Buy Oil

This spike in crude can stick. If it does, kiss your fucking rally goodbye. However, most energy names are so oversold, they will coil higher, on a whisper of higher crude.

Today the whole energy complex is exploding to the upside. I told you fuckers to make your list.

Over the last hour, I bought [[OXY]], [[SU]], [[ARD]] and [[RIG]]. In addition, I am already long [[NOV]].

Other names that look interesting include: [[EOG]], [[DVN]], [[DO]], [[SWN]], [[TXCO]] and [[FTK]].

In other news, the Godly folks at iBC have retained the services of a new blogger, soon to be tabbed. Just know, he has a great hand for picking stocks and has been blogging for quite some time. He is one of the few blogs I visit, on a daily basis.

More on this later.

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36 comments

  1. Cheesefries

    via Drudge-
    Israeli Prime Minister Ehud Olmert will announce on Wednesday that he will leave office in two months, Israel’s Channel Two television reported.

    The Prime Minister of Israel is the head of the Israeli government and is the most powerful political officer in Israel (the President of Israel being a titular figurehead).— in other words they decide when to blow shit up.

    word of the day: titular

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  2. CubsRock

    Is it Ragin’ Cajun? oh wait..

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  3. big snacks

    fly

    i bought xto swn sd kru among others yesterday and plan on keeping the kru and sd for now. however, the trend has changed and oils need to be sold into multi day rallies.

    just look at xlf today. down only .11 on a day when crude is up 3+. time to buy the breaks in banks and sell oil into rallies.

    i do think the oils should have another up day or two before they stall. with the end of the month on thursday and all these hedge funds hung long oil they will probally try to mark them for a day or so.

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  4. BPOE

    Back to cash stocks are trash. Will wait for next bounce when DOW does a test of 10900 in early Aug. In the words of Jeff Mackey [hedging with puts is like getting a haircut with a wig on]. Sometimes I don’t have a choice!!

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  5. Juice

    Why not reverse hedge your oil stocks by shorting retail? 2ble the fun ……. or how about buying calls on hairline stocks?

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  6. JakeGint

    Did you see what extra trick fuckery the Fed has in store for banks? The scene becomes increasingly baroque (link to article here). Some excerpts:

    “…the Fed announced that investment houses can now tap the central bank for a quick source of cash through Jan 30. Originally the program, started on March 17, was supposed to last until mid-September.”

    Another program, where investment firms can temporarily swap more risky investments for super-safe Treasury securities also will continue through Jan. 30, the Fed said. And, it also will let commercial banks, in a separate program, bid on cash loans that last longer — for 84 days, besides the 28-day loans now available.

    Wait! There’s more!

    The Fed also said it will let Wall Street firms place bids on an option to borrow the Treasury securities. Up to $50 billion would be made available for this. The Fed didn’t say when the first auction of this type would be conducted. The notion here is to give firms — unsure whether they might need the Treasury securities — an insurance policy of sorts.

    And be assured, the PPT is a “global concern:”

    On the other side of the Atlantic, the ECB and the Swiss National Bank announced Wednesday they will make billions of U.S. dollars available to banks still starving for the currency. The ECB — the central bank for the 15 countries that use the euro — said it will make 84-day loans available starting on Aug. 8. The Swiss National Bank said it would start making 84-day loans available on Aug. 12.

    Buy gold on any dips, folks.

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  7. Scum Bucket Bitchez
    Scum Bucket Bitchez

    The oil price is a reflex rally:

    A report from the Energy Department showed a 3.5-million barrel decrease in gasoline supplies…

    Not saying oil can’t go higher, or lower, just that the underlying quality of oil, and the decrapidation of the refiners is going to cause problems. Fungible is merely a word. Word.

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  8. TX Slave Trader
    TX Slave Trader

    Possible replacement for Senator Graham as economic advisor to Mcain perhaps?

    “On Wednesday, central bank governor Gideon Gono announced he was dropping 10 zeros from the currency, to turn 10 billion dollars into one, effective Friday. That comes a week after he introduced a 100 billion-dollar note that was not enough to buy a loaf of bread”

    Soooooooo, does this guy come up with his economic policy when he wakes up in the morning or……I guess it couldn’t be that much worse than Graham Leach Bliley removing Glass Steagal…..after all, I kind of like the idea of a $100 billion bill.

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  9. DB

    I just couldn’t help myself. I bought October 2.50 puts on WM.

    FMCN having a great day, would love to see a close over $30!

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  10. BPOE

    Juice;

    I am not good at wild cards. I always end up working my ass to the boner. The house gets most of the money. If I need to hedge I do. One time I wrote calls and got a 20000 margin call during the day I was buying a house. So I like to keep it simple and position trade. It is very simple and the risk/reward is great.

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  11. nullpointer

    this has nothing to do with anything, just a recurring thought i have been having:

    the bell at the bottom is when “Mad Money” is taken off the air

    (and/or “Fast Money” too, i cant decide)

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  12. JakeGint

    So, Texas Slave trader… let me get this straight… the removal of gov’t intervention in the market is what causes our currency to depreciate?

    IOW — we need MORE gov’t intervention in the markets?

    Interesting theory.

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  13. Prospectus

    Hopefully it’s Stewie or PinoyTrader…

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  14. Yesterday

    FLY Says “DUG to 40″…not anymore…more bullshit

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  15. jeff

    http://www.zshare.net/audio/162443427f7cbf53/

    long Jesuit stocks

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  16. The Fly

    Fuck you yesterday. “The Fly” reserves the right to adjust, on a second by second basis.

    Moreover, I still own DUG, which is more of a bet against XOM than the sector in general.

    So, long DUG-long RIG can work.

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  17. Scum Bucket Bitchez
    Scum Bucket Bitchez

    RDSA is a sick short term oil play. πŸ˜›

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  18. recusancy

    Long ERII. Water and Energy play. You can’t beat that.

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  19. howard lindzon

    is it me or bilderberg again

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  20. booooger

    CLNE should be gunning it, no? T boone, make him proud.

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  21. TraderCaddy

    Hot Babe Alert. Nice looking women on what appears to be The Planet of the Apes (I think) on AMC TV right now.
    Update- It’s Beneath the Planet of the Apes. Those damn dirty apes.

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  22. Big Pimpin Jenkins
    Big Pimpin Jenkins

    BRNC is a buy dogs, my boys down at Wexford are frontin’ on the ALY buyout.

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  23. Aris

    short-covering in oil on horse shit israel news, an insignificant inventory number, and a goldman pump.

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  24. KC Trader

    DT coming to iBC. From 3rd tier blog to 3rd tier blog.

    Excuse me longs while I take your shirts.

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  25. TraderCaddy

    Olmert makes Richard Nixon look like a monk.

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  26. JakeGint

    TC — Beneath the Planet of the Apes is the “face ripping off scene” PoA sequel. Very appropos, no?

    __

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  27. T Boom Prickenz
    T Boom Prickenz

    Oil will trade down to $100. It’s not a supply issue,..it’s less demand. Look it up.

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  28. Can of Corn Humper
    Can of Corn Humper

    Any time BYD sticks its nose above $10, the only rational response is to punch it.

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  29. The Amazing Mr. LIMM
    The Amazing Mr. LIMM

    We stop dliving cahs for Orympics now. To many much porrution. India have no money. Grobah srodown. Amelicans riding motocycles and bicycles, now. No money fo gas. You see.

    Oi’ to $75 dorrah, T Boom.

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  30. jeff

    ***PREPARE FOR GOLD TO SURPASS YOUR EXPECTATIONS***

    FINAL WARNING

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  31. CubsRock

    Liking FXI puts right here, as long as it stays below $47.

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  32. TraderCaddy

    Mr. Limm- Is the rumor I heard true? Big love fest with Disney movies to be shown daily during the Olympics at Tienanmen Square.

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  33. Big Pimpin Jenkins
    Big Pimpin Jenkins

    Obama’s Energy Plan

    http://www.breitbart.tv/html/142113.html

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  34. TX Slave Trader
    TX Slave Trader

    Jake,

    “Gov’t Intervention” is too easy a term to throw around and blame for just about any crisis. The reality here is that Glass Steagal, depression era legislation, was basically a set of dividing guildlines for the financial industry designed to avoid excessive overlap and witchcraft fuckery. If you believe, like Kudlow, in “free-market capitalism” and a lack of all gov’t regulation, then we need to eliminate not only the intervention from the regulatory standpoint, but also on the bailout side, which would lead to rampant volatility and chaos in my humble opinion.

    How that all relates to currency moves, I can’t really say, I just found the Zimbabwe governor’s policy to be utterly incompetent, which is why I compared it to Graham’s legislation…….not necessarily saying he was responsible for the 40% decline in the USD OR the $10 billion note πŸ™‚

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  35. JakeGint

    Texas — you’re correct, there should be no bailouts and no Federal Reserve, either. Both contribute to asset bubbles and fatal moral hazard.

    Glass Steagal was important in only that it kept the investment banks away from the lure of “free Fed money.” You can see how unimportant that is to the Fed today, however.

    __

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  36. The Amazing Mr. LIMM
    The Amazing Mr. LIMM

    Tladah Cahddy

    DIS velly, velly popurah in China. Velly many moah kids rike Mickey the Duck an’ Donard Mouse. I go now…ok? ok.

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