Tuesday, July 3, 2012

Shorting the Bounce in Oil

A number of stock experts (I should put that in quotes) think oil will resume its downtrend after this brief but substantial pop.  From the supply side Dennis Gartman believes it is a sell, and Abigail Doolittle from PeakTheories.com sees in the charts that the commodity will drop to $68 a barrel. 

Disclosure:  I own SCO, the inverse oil ETF.