Well what would we really do if gas reaches $8-10 per gallon. It is a possibility we must think about as gas if now almost $4.50. Last week one long time investor in Oil, said we could reach $500 a barrel in 4-5 years and I am starting to believe that this is definitely an energy crisis happening.
I think Oil could reach $300 a barrel easily, yes easier than it going back to $75. The trend is definitely up and if we closely look at all the bullish factors, they far out number the bearish ones.
On to the market. We are shot here!! People seem to be giving up on the market and facing the reality slowly that the financials are DEAD. LEH looks like it wants to goto $10 in the finality of it all, Citibank has a chance to goto $10 too. I have been singing on Citibank for awhile that it should be a teenager stock from it was $27 and now it is firmly there. Citibank closed at $18.55 yesterday and I think we have just started to see serious selling in this name.
We look like we going to get a nice gap down which is the opposite of what I would ideally want. Therefore I will bracket the first hour to see where we want to go. Hard to say where we go before the FED announcement and I expect today after lunch into tomorrow announcement to be very low volume.
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