Phew!!!

By Tim Knight

I don’t think I let myself know just how nervous I was about the OPEC announcement in the wee hours of this morning (my time). When I woke up, however, it took me about one second to grab my iPad from the side of my bed, fire it up, and look at crude oil. I was massively relieved to see that, quite obviously, whatever OPEC had to say did not thrill the market. (The “whatever” turned out to be a 9 month extension to their cuts, as opposed to something more dramatic).

opec announcement

I have a very substantial long position in both DRIP and ERY (the triple-bearish energy ETFs) as well as a scattering of energy shorts. I think this is going to be OK.

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