oil, the final countdown, smash =+=+
Oil was absolutely smashed. Now that doesn't look good for high oil prices from wolfie's point of view. Especially when you consider the current US dollar weakness. You also wouldn't expect oil to be clobbered just as winter is starting in Europe and the US. Is this the beginning of an oil bear? It has the hallmarks. Oil runs to $56, falls to $46, recovers to just over $50 and now gets smashed to a lower low in the $45s. Lower tops. Lower lows. That's what a bear is all about. Anyway, we should all be pleased. We don't want high oil prices to wreck economic growth. The US dollar looks set to recover too. Not because the US wants it higher, but because everyone else does. First the talk then the intervention. I won't be surprised if any day there is coordinated intervention from at least Japan, Germany, Switzerland and England to reduce their currencies and strengthen the US dollar. That will also hammer gold. Stockmarkets are also recovering nicely now they sense the worst of the oil price rises are over. The US markets are strong. Many experts predict continued strength provided oil stays under control.
