Is there anyone out there who's not long oil and short the dollar? With that in mind, OHAR (oil hit another record) today, this time touching $117.76, largely on the back of all the fondness for the stuff among traders. (Click chart to enlarge.)
So, what's next: $100 or $125? I have no objection to the idea that we are on a sawtooth higher as oil heads toward its inevitable peak, but I have a hard time believing that there isn't a major price break between now and then.
Thoughts? Musings? Nihilistic proclamations? Share them if you've got them.