Bloomberg: Oil Poised to Rally to $97

Link here.

Based on technical factors.  If I understand the analysis correctly, it is based simply on "reading the charts." It would not matter what the commodity was. Based on the chart and based on futures, the analysts "see" a $97 price.

What makes this particularly interesting is the fact that speculators (including the one billion speculators in China who all want to drive automobiles) see two things: a) the technical analysis; and, b) the fact that the current administration as stopped all off-shore drilling around the US. That's a bit of hyperbole, but not much.


Back in January, 2010 -- that's about a year ago.


A year later, December, 2010 -- still predicting $100/bbl.

$1000 gold. $100 oil. 10% unemployment.

(Yeah, I know: gold is closer to $1500 than a thousand, but the 1000-100-10 grabs my eye.)

Speaking of "grabbing my eye": I saw "True Grit," the new Coen brothers movie last night for the second time. Talk about a great movie.

I came home, and started reading a new book, Women Writing About Men, by Jane Miller, c. 1986. It's a "feminist" book, probably one that was in vogue back then. I don't care for her writing style, but after reading the first chapter (or was it the introduction?) I had an epiphany with regard to the movie "True Grit." As Harold Bloom would say, I think folks, including critics, have been misreading "True Grit." It may be even better than folks realize. And that's why the Coen brothers are geniuses.