"To be clear, my mistake wasn’t being short Oil for this entire move up (we covered commodity shorts ahead of an easier Fed and #LateCycle Labor reports, for a trade)," Hedgeye CEO Keith McCullough wrote this morning. "It wasn’t being long it at $100 either. It was in not being long it from $45 to $62. My main mistake there was that I didn’t think Oil’s Volatility was going to compress almost as fast as it exploded to the upside."
