Looking at the USO (United States Oil) chart, oil has declined and bounced, off of the 62% retrace of the run up from January '07 to July '08. My guess is that we will now start the process of taking out the July '08 highs in crude oil, with the coincident rise in gasoline prices. Doubters of Peak Oil, may have a hard time next summer...
This is also my way of saying that the bottom in commodities, gold and oil we just made in here, will be more lasting and more significant in long term impact then the the short term bottom we just made in the general equities markets..
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