In recent days, my trade has been:

If Golds results is not 10x oils results, you may want to play the equlization (on a percentage basis for the year). This is based on my opinion that it is more along the lines of a currency devaluation based selloff, with alittle bit of margin calls added in there for good measure. I personally think that eventually, this will all lead to an actualization of 10 x Oil’s price = Golds price As such, i think an appropriate valuation of oil would be 82.14 in this economy as of writing this. As such, I am long the airlines till 2:30, when the market does this whole, im scared about Russia killing Georgia thing.