In a post back on May 14, I argued that the oil price had experienced
weakness that went beyond the usual late spring - early summer
seasonal dip and that oil in the $71 or less a bl. area might present
a nice go long opportunity to capitalize on a positive seasonal swing
later in the summer and hedge against rising gasoline and fuel prices
should they eventuate. This hedging opportunity worked out well
and with oil now moving to a short term overbought condition for the
first time since April, I am closing out my long contract with a tidy
profit and will hope that another trading opportunity arises soon.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!