Thursday, May 22, 2008

Oil Again

Oil tagged $135.08 this morning. I received quite a few e-mails on my DUG post last night and some good points were made indeed. It traded 40million shares yesterday while normal volume is 10 million. Was the rise just due to XOM rolling over, or was this a major anticipatory trade of things to come? We sure will find out soon. USO has twice as many puts as calls in the open interest so any bullish move will only add fuel to the fire. The commodity is up today and Friday is usually a bullish day for oil but I will be looking to get long DUG at one point in the next couple of days for my longer term account. I usually do very well at extremes in the market and this certainly fits the bill. Stock futures are bouncing modestly. Good luck today.


About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.