Peaksters

A Peakster is a person who is a forecaster of peak oil production.

Don't be deceived by the press or markets today...for the past two months every politician, every media person and hedge fund was preaching oil going to $100 and an imminent decline in America because of dependence on the middle east and inflation going higher because of rising energy prices.

Today of course after several days of decline and a "major" discovery in the Gulf of Mexico the oil market is now a new bubble market and going a lot lower...We heard $1.20 per gallon today forecast.

This is a classic pull back with most hedge funds starting the four month clock we talked about yesterday long and wrong and over weighted energy. A good first technical support is $66 and it probably goes through that before settling down. Also this is a seasonal weak time for demand.

Barkly seen here is not swayed by all the banter...he is enjoying the final days of summer at the lake and with his best friends..