OPEC meeting (17 Oct 2008)

Update: Bought small position of DUG at 46.2, Oil Prices could go higher next week...just some insurance for any downside

19 Oct 2008: This hedge fund unwinding is a fairy tale, frankly I think they did it for a purpose. So I wouldn't want to be over agressive in my shorts, just deeping my toe to feel the water. If you see the Euro go above 1.35 or commodities rally up to somepoint on Monday, be prepared to get out of DUG at anytime. It just means that we could get cheaper prices later....lol

OPEC is meeting next week to discuss on slowing oil demand. Many speculators are expecting a supply cut at some point.

Well...all the better, we could have another shot on DUG. The only weakness I see on the upside for oil to get our retracement is the weak EURO.

I wanted to short the EURO, but after second thoughts...I rather let this OPEC meeting pass ...and then decide.

I do know a lot of traders are betting on the upside of oil stocks, but I feel safer to get maximum value out of my shorts when prices reach the top. And once that target has been reached....like I said we get cheaper DUGs.