Here’s a link to the press release regarding the emergency order extension.

The naked short selling emergency order issued by the SEC will expire in approximately two hours.  For those of you not familiar with the order, the SEC has required that all shorting taking place within a list of financial stocks be subject to prior borrowing approval.  In other words, short sellers must make sure they have the stock on hand to short instead of shorting first and trying to find those shortable shares later.  I’ll run an update later on this evening in the event the SEC extends or modifies this emergency order.

Quick update on the crude front.  Crude just hit $139.89 early this morning which may be the reason why futures have taken a large hit pre-market.  Crude is currently trading at $138.35.  I know Goldman and others were predicting crude to $150, but who knows.  Maybe we’ll see $150 by the end of the week?

As of this post, crude hit $135 a barrel.  That’s right, $135.  This morning, crude was hovering around $132.  Since I’m in a crummy mood and enjoying my Wii Fit, I’ll keep this update short.

Trades Taken

• 1 x NQ
• -3 x BBD June 25 Call

Profit / Loss for the Day / Open: -$135.00 / $0.00

Overall crummy day.  Need to stop trading while distracted.  My portfolio is now liquidated and will remain so until Tuesday.  See you tomorrow!

How much longer can the markets continue to hold out with oil running as if it was being chased by a maniac?  Oil topped $130 this morning to $130.41 before pulling back a few cents.  My theory is something has to break.  It’s either going to be the price of crude or it’s going to be the markets.  While I’m not a permabull or permabear in any sense, my bet would be on the markets cracking sooner than crude.  We will never see gas under $3 / gallon again if you ask me.  Sigh…