I Went Long USO (United States Oil ETF) August 99 Calls after today's oil inventory data. Government data showed that crude and gasoline supplies fell and gasoline demand improved from last week. This bit of Bullish news was enough for Crude to Bounce from $120.80 all the way up to $126.12 in NYMEX Trading, as of 1:43 pm EST.
Goldman Sachs came out today with a note to clients saying they expect crude to march towards $150 a barrel sooner than later.
As usual I will post a full update and entry at the end of the days trading.
I appreciate all of the feedback from people who have been reading my blog.
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