Closed short WTI crude oil at 87.25 (roughly) ---> SCO @ 11.27
Total gain, including margin - 20%
Selloff was due to a combination of global CB tightening (and fears of) and Saudi Arabia stating they are ready to increase production if prices rise out of control.
I still think there's a real correction coming soon, but with the deluge of liquidity (esp. the end of Fed's Supplementary Financing Program - see Bloomberg or Zerohedge), the path of least resistance is up. I'm looking to possibly do a short-term long for a small gain, or wait for a tactical short at the next correction. A real correction, however, is going to take some type of catalyst...take your pick. Most obvious is the Irish elections now set for February 25, but its not the only danger. My 401k (LT investments) is in MM.
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