chart advice needed, page-55

Boone Pickens is the master, but does flip flop all the time....

He was short at X-mas and got hurt, now he goes long...



http://www.bloomberg.com/apps/news?pid=20601087&sid=ajs4Ujqxar2I&refer=home

Oil Prices May Climb to $150 a Barrel, Boone Pickens Says

By Edward Klump

April 29 (Bloomberg) -- Oil may rise to $125 to $150 a barrel later this year, Boone Pickens, a billionaire energy investor, said today on Bloomberg Television.

``The second half of the year I think you'll be back up substantially above where you are now,'' Pickens said in an interview with Bloomberg's Rhonda Schaffler.

Crude oil for June delivery dropped $3.12, or 2.6 percent, to settle at $115.63 a barrel at 2:58 p.m. on the New York Mercantile Exchange, the lowest close since April 17. It was the biggest one-day decline since March 31. Futures surged to a record $119.93 a barrel yesterday. Prices are 74 percent higher than a year ago.

Pickens said prices eventually might rise to a level that could affect consumption.

``When I hear these politicians, I'm amused when they want to bring the price down, cause if they bring the price down it will encourage more use,'' Pickens said. ``And so then if you have more use, then demand goes up and then the price is immediately back up higher than it was before.''

A possible Brazilian discovery that could have 8 billion barrels of oil wouldn't bring dramatic changes, he said.

``The 8 billion will come in handy, and that's about all,'' Pickens said. ``It's not going to solve any problems.''