Today I increased my SHORT position on oil. “DUG” is one way to get 2X inverse exposure to oil.
Go ahead. Laugh. Consider me crazy for shorting oil. However, understand this is not a long-term position. I see oil going below $50/bbl within 24-36 months. Beyond that time frame oil prices are headed up.
Recession is at our doorstep. Worldwide oil demand is already falling. Every damn hedge fund and foolish investor has loaded portfolios heavy with energy. I’m a Contrarian.
It is time to short oil.
When the recession takes oil prices below $50/bbl, then it will be time to close those short positions and BUY BUY BUY because of course the long-term trend is UP.
