The space shuttle landed early this morning. Seeing that flying rock land right on the centerline in the predawn darkness made me appreciate just how amazing that spacecraft is. Sure, its thirty years old and not without its faults, but its still a magnificent thing to watch. I’d like to drive down to witness a launch someday.
$50/bbl oil will happen. It might not be today, but prices have come down from $78/bbl to about $61/bbl which is a 22% correction off the highs. Sure, it hasn’t happened as fast as I anticipated but not much in the stock/bond/oil markets are what I would call predictable. I was just way ahead on the call. To prove that I am “the man”, remember these calls:
1) My timing on the housing market was a just about dead-on. Last year I said it was really over priced and bound for a cool-off. I can’t find the exact post, but it’s there.
2) Post from 04/23/06..short oil around $70/bbl. That would have been a nice profit.
3) Post from 11/16/05…buy NFJ at 21.50 since it was really oversold. $2/share profit now AND it pays a 9% dividend.
The good thing is that by early next year I will for 4-for-4 when oil gets down around $50. And if it hits only $50.25 I still win! Have a good weekend Mark.