posted last week that the TOP had been set in Crude Oil,
amidst the deafening roar of most every print and broadcast media outlet in the Nation.
It may have seemed a suicidal statement and very costly trading position to put on, but so have so many other WILDLY BULLISH markets in months and years past seemed destined to NEVER CEASE their relentless climbs...
Of recent NOTEWORTHINESS of course was the SILVER market, at the 'height of the hollerin'it took on the appearance of a ROCK falling off Mt. Everest. Beans have performed likewise, amidst much clamour and attention ; as in recent months did Live Cattle, Cotton, Treasury Bonds, and others.

I certainly can be just as WRONG as anybody else,,but I've seen markets and their general characteristics in moving from EXTREME LOWS to EXTREME HIGHS and then back again toward EXTREME LOWS over the decades; and have every reason to believe this one may prove to be no exception to the very, very OLD patterns of behaviour. HOW MANY OF YOU recall in 1999 when Crude Oil dipped under $10.00 per barrel, and the NEWS WAS FULL of reports of it's further demise and decline; with countless stories featuring HEADLINES asking "How Low Can Crude Go" ??? Case in Point: that was one of the aforementioned EXTREMES in price from which traders were given perhaps one of the BEST OPPORTUNITIES of their trading careers to BUY LOW and SELL high. I know for a fact, most traders didn't buy anywhere near $10.00 back then...the many didn't buy until the price topped $20.00 , and the majority have actually found themselves buying this market from $35.00 and above. Who you think is now SHORT the Crude and Petro complex ?? Who do you think will eventually become the recipients of margin calls en masse, and forced account liquidations due to precipitous falling prices when this BULL gets a broken leg (for whatever reason it happens)?

I'd be remiss in NOT saying, however,,that indeed CRUDE could still be the recipient of another "Standing Ovation" or two throughout this summer...but I very much doubt that's going to happen. And, it's indeed HARD to go against the crowd, the herd, the noise(news)makers, and world geo-political conditions as they currently have shaped up...it indeed is arguably the "BEST CASE FOR BULLS" in years and years.

ah, well...some slippage occured as this week progressed; and no doubt a new week begins Monday...so we'll all know soon enough won't we?

boog