Holdings Watch: Slow, cautious week in trading and you know things are dire when my profitable trades center around entries into the refiners and calls on (DUG), the double short energy ETF.

• DUG Sept $38 Calls sold up 40% on 9/3
  
• DUG Sept $40 Calls sold up 31% on 9/5
  

On To The Wrap:

1) OPEC Watch: All eyes are on the cartel this week as they meet on Tuesday to decide the fate of member quotas. My sense is that this meeting will see no changes to quotas but instead result in more talk of quota discipline. Venezuela and Iran, both price hawks, will argue for cuts and not get them.

2) Cracks Continued To Bottom Last Week. Look for product prices to reflect the track of Hurricane Ike this coming week. Right now Ike’s track puts it on course to enter the heart of Gulf Coast refining country, which is still trying to get power back in the wake of Gustav. The independent refiners continue to find more favor among my current holdings than at any time in 2008.

3) Coal & Dry Bulks Got Hammered Last Week. Anecdotal evidence out of China indicates that the country did not flip a switch and start adding to its depleted coal stocks after the Olympics. I would expect them to start soon but its hard to get solid data out of that quarter of the globe and this may be a play to get both commodity and shipping costs down.