08/18/2010

This is my first blog post and I dont have a whole lot to share today because I didnt do much. I was hoping to get a bigger selloff in crude oil this morning closer to the $72 level on the front month /CL contract, to get into an October 34/37 call spread in USO, but it didnt quite get there so I didn't get in unfortunatly, and crude closed the day around $75.53 after getting as low as $74.19 so I missed a nice move.

I still may get into that trade in the coming days because oil is just too cheap and if Israel decides to take out this new Iranian nuclear facility before the Russians deliver the payload of uranium, we could see crude at $100 pretty quick. I also wanted to point out a great post by John Lee at chartsgonewild.com on the Hindsight Bias. Very interesting and worth the read.