So I got a lot of calls the last few days as oil has basically gone parabolic… Holy cow! Up $5 yesterday. I don’t know why I am so shocked, after all I have been saying $140 was the next target. Caution, this is one of those runaway train markets right now…Danger Will Robinson…Danger!

Look I fully believe in Peak Oil, and expect to see $200 crude by this time next year but if demand destruction does set in and the dollar can find some critical foothold we could see $20-25 come out of this market and certainly faster then it went in. While $140 is my target $135 would be where I would cash out until fall and trade something else. Anyway, right now it’s strong and getting stronger which means a painful summer for you and me. Suddenly that Nissan Hybrid is looking more attractive.

So I joined Stuart Varney at Fox Business and then headed over to CNN to take viewer calls about oil….Man are people upset!

Bookmark It

Hide Sites

This entry was posted on Thursday, May 22nd, 2008 at 5:28 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.