I am Going To Short Oil Again

Tuesday, October 13, 2009

After a very good run, this month is being a bit tough. I have shorted the S&P Futures several times for a profit in April, but in May my short position is 30 points off the money.

My view is that the market is overbought, the market sentiment is almost hysterical. Things will slowdown for sure and this week the market will probably correct somewhat.

I am planning to short oil futures again early this week. The demand / supply situation is not consistent with almost 60 dollars a barrel oil. Oil is being pushed up in this risk rally, as Hugh Hendry so nicely puts is, and will get back to terms soon.

I recall one of my favourite Jesse Livermore quotes, "But I can tell you after the market began to go my way I felt for the first time in my life that I had allies - the strongest and truest in the world; underlying conditions."

Petroleum Oil Gas info Blog is a website for active online futures traders. I will provide my real time trading decisions and my market thoughts on this webpage.


Post a Comment