I wish I could say I had taken the short crude oil trade last week, but I didn't. However, I shorted this morning when Hurricane Dolly showed clearly that it wouldn't impact the oil platforms. Like the grains, I consider this to be a correction rather than a downtrend. In a correction, I keep a very tight stop and am prepared at all times to reverse direction on a dime.Personally, I am glad to see the price of crude oil plunge, because I know that it will tighten the economic noose on tyrants like Mahmoud Ahmadinejad of Iran and Hugo Chavez of Venezuela. A crude oil market collapse could be just what's needed to bring these guys to their knees. Chavez has so devastated the economic vitality of Venezuela that he has resorted to begging from the very groups that he targeted so brutally with his confiscations and price controls. Good riddance to the Castro of the Continent in South America. The sooner, the better.
