In early May you can see I advised buying put options on the NASDAQ and S&P500. (I did by the way load up on those options myself)
The S&P 500 has fallen 10% since I wrote those words. And we’re down 18% since I was giving that same advice earlier back in Oct ’07.
Yes, I still have my minor short postion on oil industry sector stocks; however, I’ve made so damn much on remaining 90% of my portfolio (short the overall market), that I could care less about oil…except that I plan to now make money on that position as well. I’m now going to double-down next week and cost-average my short oil positions. I think oil prices are due for a nice correction very soon. It all has to do with the timely onset of the recession beginning to reduce global oil demand.
Now, various forum trolls, yes please do reply your usual tired old flame responses ridiculing my market calls. Give me some more material I can make fun of six months from now when I show you my predictions again came true helping me make loads more money….OR, alternatively, you might climb on board place your bets and make some money betting on these falling markets (oil, and overall).
We are only maybe halfway through a long painful market decline. My mouse finger wil not get itchy to click sell-to-close existing short positions until we get below 1100 on the S&P 500….and oil hits about $70/bbl (just guessing on that last one)
It is sinful to make this much money on falling markets, but I’m happy to do it!
