Fly on WallStreet: Quick Alert: Oil is for Asshats

Thursday, January 11, 2007

Quick Alert: Oil is for Asshats

Every fucking time I think oil is ready to rip, the hammer comes down on my head. Then I remind myself, oil stocks are for asshats-- so I shouldn't be surpised when I get my head axed, should I?

Today, I nibbled at an existing position, GMXR. And, right away, I am down a quick .60 cents. No big deal, I'll wait to buy more lower. However, with the price of crude knifing lower, every-fucking-day, I am starting to think it is utterly fucktarded to buy into the sector, while everything else is going through the roof.

I suspect many investors feel the same.

Bottom line: The oil trade is definitely a contrarian play now. If you are into such asshattery, then oil is for you. If not, stick with tech.

# posted by Broker A @ 1:56 PM

Comments:

Shit is going to hit the fan.
I hate to see it, but it sure looks that way.

Iran has called in the ambassadors of Iraq and Switzerland, which represent United States interests in Teheran, to protest against an American raid on an Iranian consulate in Iraq.

Tehran says five United States helicopters landed on the roof of the consulate in the northern city of Irbil.

It says American soldiers broke down the doors, detained five people and took away papers and computers.

# posted by

Anonymous : 2:39 PM

Re: buying oil stocks.

Confucious say: Be smart asshat. Smart asshat wear thick glove when catching sharply falling knife.

# posted by

Anonymous : 2:48 PM

We're seeing typical mvis action this afternoon, shit the bed about 2 hours from the close.

# posted by

Anonymous : 2:54 PM

Anon, re shitfanhit, everyone knows that, the news was out this morning, well before the open. ME always a wildcard, but your event has been discounted. Bush clearly signaled he will step up action vs syria and iran as they interfer in Iraq. and oil got sold.

# posted by

Anonymous : 3:04 PM

News on SIMG
http://www.msnbc.msn.com/id/16580385/

# posted by

Anonymous : 3:19 PM

Broker, what is your #1 favorite Oil stock?

# posted by

Ragin' Cajun : 3:19 PM

ceo

# posted by

Broker A : 3:41 PM

I heard a theory today that its the Saudis who are behind the drop to put economic pressure on Iran. It makes sense to me since Iran's economy is in trouble because of huge deficits notwithstanding the oil revenue in the past. The majority of the Iranian people are upset at the gov't. and Saudi Arabia doesn't want Iranian influence to spread in the MidEast.

# posted by

Anonymous : 3:50 PM

"utterly fucktarded to buy into the sector"

Depends on your time frame and risk tolerance, like all trading/investing decisions.

Volatility goes with the territory.

Hang on to your asshat and enjoy the ride.

# posted by

Anonymous : 3:54 PM

Short CAT 2000

# posted by

Anonymous : 3:56 PM

The volume on USO was huge today (and building all this month. I really really really get the feeling today was the low for oil.

# posted by

MyFriendFate : 4:23 PM

MVIS will blast off soon. Once the new deals are signed and released to the public it should bounce upwards.

# posted by

Anonymous : 6:10 PM

thanks for the comment sheep.

# posted by

Anonymous : 6:38 PM

Once the iranians "attack" one of our dozens of ships in the gulf (cough Tonkin cough), or maybe just an oil tanker mysteriously blows up, oil goes to $100.

I think the Gnomes are flushing out the chumps for the next move up.

# posted by

Anonymous : 10:38 PM

It is my opinion, that OIH will move up this week. ;)

# posted by

Trading Goddess : 12:18 AM

Today, I was correct on BWLD....

I still have 3 more days for oil.

;)

# posted by

Trading Goddess : 11:59 PM

OIH lookin' good.

btw, how come you never come over to my house and pay me a visit? ;)

# posted by

Trading Goddess : 7:11 PM

MVIS in Forbes for the Zack's Challenge guy?