Avoid The Hype On Oil and Oil Stocks - Key Number On Oil: 130.50

May 23, 2008 8:37 PM

As I have mentioned, the hype on oil and energy related stocks has become extreme. Someone will eventually be holding the last card on this nonsense, I just do not know when. WLT is extremely overvalued by any measure. Anyhow, i never have traded oil, but oil needs to clear $130.50 to the downside and we should see a possible severe spike lower if that occurs. That could give the market a “relief bounce” next week.