Trades

short 70 (10%) USO @ $32.71

The world is running out of storage for oil. US gasoline consumption is again declining yoy, indicating an ongoing consumer spending pullback. As the Iraqi oil minister said, it's time to cut back more production because it makes no economic sense to pump oil out of safe ground storage and into a boat or above-ground storage. Except it does make sense for sellers to sell now, while they're getting a very good price. Iraq is now the fourth-largest producer in OPEC. Tried to short 5% in DIG, but it's hard to borrow. USO is the next best thing.

I was just at the mall the other day, and Abercrombie & Fitch has 3 stores there: A&F, Hollister, and Ruehl. Ridiculous! There's no way that's sustainable. I'm going to short them.

short 88 (10%) ANF @ $26.01.