Badger Blog Alliance

Sic Semper Tyrannis

Monday, September 08, 2008


NEW YORK (AP) -- Oil prices slipped Monday as Hurricane Ike weakened over Cuba and the U.S. dollar strengthened.

...Light, sweet crude for October delivery fell 64 cents to $105.59 by midafternoon on the New York Mercantile Exchange, after rising as high as $109.89 a barrel and falling as low as $104.70.

Crude has plunged about $40, or 27 percent, since surging to a record $147.27 a barrel on July 11.
That's "Yay" that oil is falling. Not "Yay" that a hurricane hit Cuba.

Tell you what, if I were a commodities broker, I'd be getting out of oil. I mean, how long do you wait, when clearly, the bottom is falling out?

Time for a little irrational exuberance, exit-wise, if you ask me!