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Re: Week of July 7 chipmunk  07-06-2008, 5:33 PM | Post #2536131
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I agree that we could see a little rally this week. I think we'll have a dead cat bounce after a long holiday weekend, where gas consumption historically rises. So, when folks return from holiday this weekend, we should see the classic fall in oil. Maybe 140 USD/barrel for a couple of weeks, then back up towards 200 by the end of the calendar year (assuming the US dollar continues to fall versus the euro, which is responsible for roughly 3/4 of the rise in oil prices -- the remaining 1/4 being oil speculation and increased oil demand). That, in turn, should cause the markets to rise short-term. JMO, but anything could happen in this wild ride we call the global financial markets.

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