I find myself long the US Oil Trust (USO), long the streetTRACKS Gold Shares (GLD), and long the Lehman 20+ Year T-Bond ETF (TLT). I'm long oil, gold and bonds, which some people would find a bit incongruous. If not for the weird financial and geopolitical times in which we live, so I too would think the combination of long positions is incongruous.

I think the subprime problem will domino into other supposedly safer debt instruments, that will impact the financial sector, the corporate appetite for expansion, the labor market, the home owner, the consumer, the economy and the dollar.

Where does the oil (USO) market fit in? Nowhere really, but because of the geopolitically charged environment in the Mid-east, the oil market could "ignite" at just about any moment, which in and of itself is not a good reason to be long. However, oil coupled with chart and technical conditions is reason enough to maintain a partial long position.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.