Anyone paying attention to oil as of late?
It recently broke through its multiyear uptrend line - which, to a guy looking at charts, is meaningfully significant.
Generally when this happens, it marks a reversal of trend.
Plain English: oil looks like it is going down baby (it's at $54.25 as of this post), and has nothing to do with Bush (economy slowing, warm winter weather so far, OPEC not cutting back production).
We won't ever see $12/bbl in our lifetimes, but it's possible oil could drop to $50 or even $45/bbl. That is, until Asian consumption doubles over the next 10 years.
Enjoy it while it lasts.
