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Anybody willing to speak up and tell the truth when it is not popular or expedient to do so has tremendous credibility in my book. Dan Dicker is one of those people because he was one of the few vocal voices from the NYMEX pits that were speaking out concerning the oil bubble last year. For that reason I follow what he says and found his most recent comments to be very telling:
Why isn’t anyone getting mad about the lunacy of the oil market? Why isn’t anyone asking, “What is going on here?” anymore.It must be the highflying stock market and decent earnings reports buy levitra without prescription, convincing us that at least the financial end isn’t nigh.Everybody must be too busy trying to make back the money they lost last year to care about the catastrophe in oil that is replaying itself.
Last year, as oil ratcheted up to $150 a barrel, I felt alone in screaming about the obvious decoupling of the fundamentals from the price, fighting the opposite viewpoints of the likes of heavyweights such as then-Secretary of the Treasury Hank Paulson and Nobel Prize-winning economist Paul Krugman.
This year, every oil analyst who comes on CNBC now seems to sound like me: “A liquidity trade,” they crow; buy levitra without prescription.”A play on the weak dollar,” they advise. Buy levitra without prescription: these are euphemisms for a market with no tethers to supply and demand fundamentals, and it’s arguably worse now than it was last year, as we have the added fuel of rapidly expanding ETFs in energy to add kerosene to this already raging liquidity fire.
- Oil Price Disconnect Hurts Us All
- Daniel Dicker
- TheStreet.com
- October 21, 2009