Hey, Where’s Oil Going?

If you would, please send the bastards working in the Bering Sea a memo stating: “CNBC said oil has topped. Please stop jacking up the prices. Thank you.” While you’re at it, be sure to “cc” Putin and our Arab colleagues too.

Oil trading higher throws a whole new kind of gorilla wrench into the mix, doesn’t it? Like I said before, just own one or two oil stocks. Quit thinking it’s going down to $80. At the very minimum, the oil racket has earned and killed its way into your wallets and culture, via nearly bankrupting century old industries (auto’s, airlines). At the very least, you can show them some respect by giving them (oil bastards) the benefit of the doubt, via buying an oil stock.

No?

I like Ultra Petroleum Corp. [[UPL]] , National-Oilwell Varco, Inc. [[NOV]] , Transocean Inc. [[RIG]] and Flotek Industries, Inc. [[FTK]] here.

Ag stocks are running again. You might as well “milk the farmer” too. Owning Potash Corp./Saskatchewan (USA) [[POT]] , Agrium Inc. (USA) [[AGU]] or CF Industries Holdings, Inc. [[CF]] is acceptable, providing you put a 10% trailing stop underneath.

It’s worth noting, there is vast weakness in [[FXP]] , partly due to China’s 7% melt up last night. As you know, in recent days, I kicked out of half my position. I will buy it back, providing FXP trades below $85.

The banks are weak, yet again.

Finally, shares of Pzena Investment Management, Inc. [[PZN]] are gapping lower. In my humble, yet bold opinion, there is no way PZN keeps their clients, looking at thier abysmal performance.

My other shorts in Marshall & Ilsley Corporation [[Mi]] , Legg Mason, Inc. [[LM]] , Comerica Incorporated [[CMA]] , Morgan Stanley [[MS]] , Cathay General Bancorp [[CATY]] , East West Bancorp, Inc. [[EWBC]] , First Horizon National Corporation [[FHN]] and Pacific Capital Bancorp [[PCBC]] are minting coin for me. Ignore Fannie Mae [[FNM]] at your own peril.

At these levels, I really like Legg Mason, Inc. [[LM]] short.

And, don’t forget to sell the casinos and airlines. On the short side, I like Las Vegas Sands Corp. [[LVS]] , Wynn Resorts, Limited [[WYNN]] , Continental Airlines, Inc. [[CAL]] and Boyd Gaming Corporation [[BYD]] .

Finally, on the long side, Clean Energy Fuels Corp. [[CLNE]] ,Barnes & Noble, Inc. [[BKS]] , Apple Inc. [[AAPL]] , Research In Motion Limited (USA) [[RIMM]] , along with a variety of tech stocks, look decent for a trade. My gut says, the market bounces today—but the gains will not stick.

Pardon me Update: The above post was written before the COLLAPSE of crude, which has caused a tidal wave of buying into egregious, yet asinine, bank stocks.

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