Bolling: Head for the Exits on Integrated Oil

06/09/08 - 10:20 AM EDT

Eric Bolling

With the economy surely being campaign topic Numero Uno, Sen. Barack Obama may be emerging as the beneficiary in November. If you haven't been paying attention, the Senator has been forthcoming about how he plans to solve our oil crisis... with subsidies to the alternative energy world. The way he plans to raise those funds? Yep, windfall profit taxes to big, medium and small oil companies.

Either way, the energy shares selling-off with oil prices rising so dramatically is a tell for the trader in me. I am now firmly entrenched in the opinion that trading equity should be deployed away from big oil. There are many places where it should go, and in upcoming columns, I will address those areas, but integrated oil is not my favorite place right now.

For now, I am selling at least half of my big oil positions and waiting for other opportunities. I am selling 50% of my long-held positions in BP(BP Quote - Cramer on BP - Stock Picks) and ExxonMobil. I will maintain my whole position in Chevron, as I always maintained it as the best company on earth.

So, keep your energy powder dry for now -- there will be amazing opportunities that we will bring out over the next few weeks. In the meantime, let's move to the sidelines in integrated oil.

And as always "Trade with your head, not over it."

1 2 3 4
Next Page »
At time of publication, Bolling was long CVX, DUG, BP and XOM. although holdings can change at any time.

Eric Bolling is a host on the new Fox Business Network. Bolling was one of the developers and original panelists (nicknamed "The Admiral") on CNBC's "Fast Money."

Bolling is an active trader specializing in commodities, resource trades and ETFs.

Bolling is a member of several exchanges including The New York Mercantile Exchange (NMX), The Intercontinental Exchange (ICE) and The Commodity Exchange of New York.

After spending 5 years on the Board of Directors at the NYMEX, he became a strategic adviser to that Board of Directors where he assisted in bringing the company (NMX) public. He has been included in Trader Monthly Top 100 in 2005 and 2006. Bolling was the recipient of the Maybach Man of the Year Award in 2007 for his contribution of philanthropy and willingness to de-mystify investing to Main Street.

Bolling graduated from Rollins College in Winter Park, Florida and was awarded a fellowship to Duke University. Bolling was an accomplished baseball player. He was drafted by the Pittsburgh Pirates where he played before his career was cut short due to injuries. He honors his baseball past by sporting the NYMEX trader badge, R.B.I.

Your Recent Quotes: Quote Up0 | Quote Down0
Dow S&P 500 NASDAQ
Oil*
Gold
10 Yr
0.00%
%
%
%
Data delayed 20 min
Sign up for our FREE newsletters now. See All

  • Cramer's Daily Booyah!
  • Before the Bell
Submit Privacy Policy

Premium Stock Ideas
Premium Services