It was a beguiling thing to bear witness to, frankly speaking. With equity markets on the ropes, one would expect oil to crush lower. But it was up 2%, early going. But now it’s enveloped in the hardest and most vicious sell off in months.
All of the oil bulls have mysteriously vanished. Poof!
Intra-day collapse
As such, major selling is underway in a sundry of oil stocks, particularly the drillers. My personal favorite companies to one day go bust include CLR, OAS, WLL and BBG. They’re all trash, all worthy of a short sale.
For now, I remain in TLT and I am short FCX, as of yesterday. That started out at an 18% position. I am supremely confident that I’ll be right on this one.
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It’s all going to be fine. Just another trap. In a week we will be flicking juniper berries at each other and frolicking.