First & foremost, I would like to say that I first gave a potential target of $69/barrel for oil back on January 14th, 2005, back then oil was still trading under $50/barrel & back then as the touting/talking heads of the mass media and their scapegoats were preaching oil was going back to $30 and this & that and how bearish they were, it was actually the greatest buy opportunity of probably this whole year, buying an oil stock in January.
I then reiterated my $69/target again two months later on March 8th, 2005. As we all know, oil went on to its recent all-time high of over $70 in late August, so my bullish upside target was hit. So on August 31st, I decided to introduce my next upside target in this overwhelmingly BULLISH trend, and that target was $82/barrel, #msg-7566290
Now without further ado, I am reiterating this $82/barrel target. It's unclear whether they pull oil back down below $62.50/barrel, or whether they just gun straight for $68 resistance... but what I am sure of is that SOONER OR LATER OIL IS GOING TO $82/BARREL... and why not in October? The market is definitely too complacent at this time, I can't believe I'm actually bearish on just about every sector in this market, but I'm getting an eery feeling in my stomach that a combination of the 1987 crash along with the 1929 one are taking shape, thus I really can't be bullish on anything really in this market, I urge caution... Yet, in my heart I can't believe we are still using such archaic energy as oil when ALTERNATIVE ENERGIES have been around before my current lifetime...
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I don't mind being bullish at this point on something physical as $GOLD, but the $GOLD stocks concern me and so do the oil stocks at this juncture even, this is what gives me an analog to what happened in 1987... thus, EXTREME CAUTION URGED IN THE MONTH OF OCTOBER and into the future!!!>>>
Running 3-year chart of the crisis...
6-month chart below, WATCH THE MACD and the $68 resistance level...
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