RE:Still hanging onWhat is your short thesis? I see limited and very brief downside yet very significant upside for oil. Supply/demand is more or less balanced, and despite all the doom and gloom demand keeps chugging along, and sources of new supply are very limited due to massive capital spending cuts. Also supply disruptions are inevitable considering all the basket-case nations that produce oil.
Two weeks agos I said that whenever the chorus of "it's going to $xx" (ie $35) gets louder, that's when you know it will never happen. It's still possible that we drop below $40, but it will be very brief.
IMHO worst case for oil is that we trade sideways in the 40's for longer than I expect. Oil will be much higher than $50 in the not too distant future but I just don't know if that is 3, 6 or 9 months away.
The only way I would short an oil stock right now is if were part of a pair trade (short one name and long another)