Friday, June 6, 2008

Oil... Again... Surprised.

Funny thing happened today. I walk into work and told a fellow co-worker. "Stay away from USO! I am losing a bundle..." Guess what happened today. I was surprised just literally a few minutes ago, expecting to wallow in my sorrow in USO. (HEY THAT RHYMES!)

OIL HAD ITS BIGGEST DAY... according to finance reporters. Some saying it may go to $150 BEFORE July... yikes!

Well, i am no way gloating... i am in fact shocked. My spec on USO was on, BUT the timing of my buy was terrible. Recently when the thing crossed <100, i thought, man it would be a definite buy here. But i was already sitting on losses as i bought it back at about 103 with option call strikes placed @97 & 120.

I am unsure exactly where it goes from here. but there is no way it goes below 100. It was a solid breakthrough its previous high.

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