Long Oil, Gold AND Bonds
If not for the weird financial and geopolitical times in which we live, so would I (think the combination of long positions is incongruous). So here is my sense of things:
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... 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.