We had a very busy weekend at PSW as we're getting ready to move forward and launch our Portal Project and we also took a little time to look back and review our July trades (Part 1) (Part 2), though we're not done with Part 2 yet as it's a big job – there were 42 trade ideas in Part 1 alone that were not part of one of our usual virtual portfolios (Short-Term, Long-Term and Income Portfolios).
We still found time for our usual weekend reading and chat at the end of Friday's post and, of course, this morning's news is there as well. Nothing too Earth-shaking happened over the weekend and oil traders are very disappointed we didn't have a terrorist attack yet and August contracts look like they are failing the $106 line on (/CL), where we like it for a short play with tight stops over the line.
At a certain point, something has to give. The reason oil got to $140 in 2008 was that George Bush not only handed out stimulus checks in the Spring that were used to pay for gas all Summer but GWB himself BOUGHT 200M gallons of oil, at ANY price (about $26Bn of your tax Dollars), and stuck it in the ground (our SPR) to create a false demand while his war machine was in Iraq and Afghanistan burning 1M barrels of oil a day while simultaneously crippling Iraq's production capacity. That's +565Mb a year of oil used by just one guy!
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