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As oil went on its biggest up-move in history, I had some concerns about the handful of energy-related shorts in my portfolio. Turns out, as I hoped, that it wasn’t worth wringing my hands over. Just because the commodity itself (crude oil) roars higher in price doesn’t necessarily mean great news for the companies which seek it or process it. Take Marathon Petroleum, for example, one of my shorts. Its down about 2.5% right now, and I think far lower prices are in store. The symbol is MPC:
Well, this is just spooky.
After the news came out about the drone attack, I was, like all of you, anxiously awaiting the open.
The ES gapped down something like 17 points, then it started climbing. And climbing. And climbing. And, self-pitying whiner that I am, I kept my “God damn it!” and “Son of a bitch” chorus going in my head, as I always do.
But here’s the weird thing:
Only the Lord knows (and even there, I have my doubts) what the markets will be like by Monday’s opening bell, but at the moment, crude oil is flying higher like a bat out of hell:
With the news about the drone attack against Saudi Arabia this weekend, everyone has been awaited the opening of the electronic markets. The first shot across the bow finally came, with the US dollar plunging. The big event will be an hour from when I’m typing this, when crude oil and equities show up.
