Oil is trading at the moment at $124.70. My $125 target I predicted last summer (one year ago) has come to reality even sooner than I expected. However, I have a feeling we could be near an important top. I'm referring to an intermediate top. GS sees Oil at $200 within 6 to 24 months. When reports like this come out and traders get complacent about a trend to keep going in one direction, then it tells me an important top is not too far away. Oil could spike to $150 in an intermediate blow off top, although this is just speculation on my part. Also, the intermediate charts for Oil are getting very overbought. Long term Oil will go much higher than today level. So I see for the short term a possible blow off to $150. But for the intermediate term I see a top for a few months that will correct the overbought indicators, and I’m sure many here at that point will declare victory that the Oil bull is dead and over with. But that’s only an illusion. Like I said, long term don't get your hopes too high. Oil will go much higher than today level

I see a secular bull market in oil, but a short term, bubble bursting correction.

[quote user="KCallie"]

I see a secular bull market in oil, but a short term, bubble bursting correction.

[/quote]

I see an important top in Oil, but I also see a possibility (just a possibility and nothing more) of a blow off top to $150. Long term I agree with you

[quote user="openhurdle"][quote user="KCallie"]

I see a secular bull market in oil, but a short term, bubble bursting correction.

[/quote]

I see an important top in Oil, but I also see a possibility (just a possibility and nothing more) of a blow off top to $150. Long term I agree with you

[/quote] I think Congress is going to start regulating the speculating in oil and that will burst this bubble. But Congress can't change the increase in demand, although higher prices sure will curtail the demand. http://www.businessweek.com/bwdaily/dnflash/content/may2008/db20080513_272469.htm?chan=top+news_top+news+index_news+%2B+analysis