I’m covering my Petrohawk Energy Corporation [[HK]] short here, down below $14—despite knowing it will go sub-$10. I just have the craving to raise cash. It makes me feel as if I am stockpiling ammunition. I don’t want to be long or short right now. I just want to take trips to amusement parks, ride the rollercoasters, eat cotton candy and slap strangers with open handed slices of pizza.
My longs have been obliterated, including National-Oilwell Varco, Inc. [[NOV]] , The Mosaic Company [[MOS]] , [[ROM]] and [[UYM]] .
Frankly, I don’t know why I bought National-Oilwell Varco, Inc. [[NOV]] , considering I hate oil. I guess it was the volatility, coupled with past success in trading the name that made me do it. Nonetheless, it was a dumbass move.
I still own a decent amount of [[DUG]] . Believe me, I am tempted to sell that too. However, as long as I am dying in this NOV, I cannot sell DUG. It’s my oil hedge.
Speaking of oil: My guess, oil is going back below $20. This economy is not better than 2002. So, why should oil be 2.5x as expensive? It doesn’t make any sense.
At the end of the day, we know why oil was at $140 a few months ago: manipulation. Whoever goose stepped oil higher has been eliminated from the game of investing.
God willing we bounce today. Regardless of what happens, I will not buy more stock. The systemic risk is too high to get long, in an egregious way. You cannot risk too much, while Citigroup Inc. [[C]] , Bank of America Corporation [[BAC]] , Morgan Stanley [[MS]] and General Electric Company [[GE]] are on the precipice of the bottomless pit.
UPDATE: I sold out of my [[ROM]] and [[MOS]] positions.If you enjoy the content at iBankCoin, please follow us on Twitter