Oil is looking rough...... I'd watch for it to break the 132 level, and could find the 125 level.
I also feel like the morning boogyman is gone...
and I love stocks trading 5% intraday swings........
Wednesday, June 18, 2008
Morning
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2 comments:
USO has outperformed DIG (the services), so how would someone play a short position in just oil? DUG just shorts DIG and not oil itself.
The fast Money guys were talking about using airlines as a proxy for short-oil, since they usually go up when oil goes down, but if the reason oil is tanking is because of an economic slowdown, that won't really help. Today airlines and oil are both dropping.
I guess that just leaves DUG.
Like I said... be carefull with that dug. And watch out for this market losing optimisum... if Financials can't catch a solid bounce... this market will go down Till they do.
and People are running into oil like it is a hedge against a declining market.(the Mad Max Trade)
This market could roll over entirely and oil could stand up like the mast on a sinking ship.
But the bounce in the XLF looked great... We are now Retesting it.
if we make a new low in the s&p, I'd run for cover.
I'm curious how it will all resolve.
Oil is back up $1.50 off it's lows
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