Crude Mood

We mention the time we were together
So long ago, well I don't remember
All I know is that it makes me feel good now
--The Motels

Initiated a position in crude today. Getting pretty oversold and at technical support. The bearish argument (and one I'm admittedly sympathetic to) is that the selloff in crude and other industrial commodities signals global slowdown ahead.

On the bullish side, however, is that oil supplies continue to dwindle, and the political backlash stemming from the recent oil spill is likely to restrict supply further.

So I'm willing to hedge my bearish views with a lil crude. Have also initiated a position in ags based on same general thought process.

positions in DBO, DBA