I think that there will not be massive tankage any more, we'll have a sideways market for a long time, and its not going to recover because the baby boomer cituation is not going to go away and the fact that household debt to income is huge, will not help. However, compared to the P/E ratios of the nasdaq companies in the dot.com crash, the markets today have priced everything in, now its tottaly technical trading, so who ever is good at it will make the most. Oil will hit 125 then back down to 80, specially if no more significant rate cuts. No rate cuts, people move in to bonds for a nicer return specially as the credit cituation eases, and dump commodities. Simple.