Wednesday, February 15, 2006

Oil Revisited

Big action in the Oil sector with the spot down nearly two points on the day. The action is bloody and downright frustrating.

Perfect opportunity for a net long delta position.

We're buying March OIH 135 calls and looking to get int to the following names if they go through the nearby strikes:

WFT, SLB, RIG, PTEN

PTEN is already through but I'd like to see OIH bleed itself to death before I commit any Cadence Capital money to it.

We can be labeled "Agressive Long" here for the very short term.

Cheers,
/Dmitry

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