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Oil at $117?
By Rob | April 18, 2008
Oil is at $117. The global markets are going to have to crack up if it keeps going this way. S&P 500 is facing stiff resistance at 1400; on top of that it is completing a pattern known as reverse head and shoulder. I think next week we are going to see some interesting battle between the bulls and bears, because oil with push inflation high, however, at the same time our wages are not moving, in fact declining if we measure them in euros. So things are not looking good, however, this is partly why they say ” Buy when there is blood on the streets.” Today was a great day for internet stocks and aggries such as MON, MOS, POT, and DD. I would continue to expect those sectors and solars to do well during the year. This weekend I will take a look at homebuilders and asset managers, however, I suspect things are little bit overbought at the moment. By the way, it is 70 degrees out here in Boston, and I am going out on a date with a 10. So when I come back tonight/tomorrow, lets continue talking about what looks good in the market. Love, Rob
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