Sharky:

Larry Edelson, who is a Singapore based analyst, who has an equally impressive record, has within the past week, said the Dow will bottom at 7,000 and then make a multi month run to 10,000. Whether that will come to pass, I do not know.

My point is that one can get about as many opinions on the future direction of the market as there are advisers.

One thing I do know. No producing country can be profitable at oil under $40.00 with the exception of Saudi Arabia. And even Saudi Arabia is only profitable at that price level on production from their older fields which are rapidly depleting.

In even the mid term it is fairly simple. Oil will get back to a level at which production is profitable or, supply will continue to be cut until it is in balance with demand. At which time the price of oil will commence the upward movement again.

Brian