Watch Out for Oil

chevron problemsToday, Chevron warned of significantly lower results from its refining and marketing operations in the second quarter compared to the first. They said that despite the increasing price of oil, gains were largely offset by "several unfavorable currency effects." Even with this rather stern warning, in which they announce earnings in their entirety at the end of the month, the stock still managed to close in the positive today.

When you consider the possibility of oil continuing to struggle in the summer months and then tack on the above concern of currency effects, I think we see a prime candidate for shorting. Obviously, investors were not looking too closely as no negative effects were seen in the stock price. A put on DIG, or long on DUG looks very nice, especially zeroing in towards the end of the month. I am also considering a short on Chevron's stock itself.


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