I'm Short OPEC
They cheap over 70% of the time. Libya has just announced to add 300k barrels per day of output. I'm hedging this position with a consumer discretionary company GCO short. If oil rises or stays flat on a YoY basis oil will be 40-60% higher. The consumer will thus be hammered and my short should pay off. If oil falls, the consumer looks weak regardless. Higher rates have tightened them enough to do serious damage.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.