Bullish on oil here as well, just got into HOU a little early before it crashed a further 8%.. Not concerned.

My 4 cents:

1. I don't care what Dr Doom says, IMO the markets have bottomed for the mid term (2-3 yrs) We have retested major lows 4 times now. The past major bear markets have all had 4 tests of major supports.

2. Crude contracts for December '09 are $55 per barrel. With that kind of difference in contacts can you blame the producers for stockpiling? Doesnt take a genius to figure this one out.

3. Gold oil ratio implies Gold is overbought however the market conditions are still perceived as chaotic. As soon as the markets stabalize and reverse (any week now IMO) we will see, at the very least, an extended bear market rally.

4. With a state of perceived calm we should see gold give back, if not for the planned IMF sale and the money will have to go somewhere.. Energy and Equities.