Lately it seems the only stock that's getting hammered is a certain stock of a certain blogger. If all my positions acted like that, I could do a leveraged buyout of Google on my own!
Crude oil, of course, was the focus of the day. It wasn't but a few months ago that $70 oil was considered beyond belief. We're nearly double that now.
The thing which shocks me is that if you took a time machine back a year ago and told traders without a doubt that oil would be trading at over $120 today, they would probably buy every index put on the planet. With the market largely unchanged from a year ago, that would have been a failed trade (with secret information from a time machine, no less!) Truly amazing.
Since a lot of contrarians hang out here (probably because they can no longer afford housing, given the losses over the past seven weeks……..) here's another sign of the times. The most popular article is about how to "get in" on the commodities nuttiness.
There's plenty of credible reasons that oil will indeed continue to soar. I get that. In fact, I just got a beautiful poster about "peak oil" for my office. Still, one can't help but wonder if "oil is going to $200" will be the "Amazon is going to $400" quote for this generation of traders.
