I'd defenitely wait on the shorts, this move had some serious gusto. If anything I'd go long just to squeeze some more shorties out of their position.
You know the funds are pushing this thing to 150. Why get in early? You will have to go through some major pain before you see results. It may pull back a buck or 2 on Monday, but MS, and GS are crapping all over congress right now. You don't want to get in the way.
tried shorting uso but couldn't get the shares... anyone know wher I can borrow some ..seriously.. echo trade and bank of america do not have nay to give... i ended up buying DUG at 27.77. Other than futures any other suggestions for shorting oil .. i guess i have to buy uso puts
I totally agree. There is absolutely no reason to even think of shorting this thing yet. The trend is your friend, and it is, after all, up! Hope whoever is short can manage to get out quick if/when it goes higher. Better to trade with the trend and hope for a pull back to support - or stay the hell out. JMHO Steve
lol you don't count. you have been short oil related stuff and long inverse oil related stuff for months now.
I'm long DUG, the ultra-short ETF. I only grabbed a small position on Friday though. I'll grab some profits if I can, otherwise I'll wait for more spikes in oil and add to the position.
I think his oil short is going to pan well for him on monday... http://biz.yahoo.com/ap/080607/oil_meeting.html
There's a better way. I put on a USO conversion, and can short & cover it at will. Echo will do that for you.