Tuesday, May 20, 2008

Media Bullishness Says Short Oil

This morning CNBC broadcast an interview with "legendary oil man", Boone Pickens in which he predicted that a barrel of oil will soon fetch $150. We have the greatest respect for Mr. Pickens, but we view his appearance on television, alongside all of the current coverage of surging oil, as a contrarian indicator. When we see this much blatant and unrestrained bullishness in the press and media, we see another reason to short oil. http://www.marketwatch.com/News/Story/boone-pickens-sees-150-barrel/story.aspx?guid={B0946F64-DB78-4630-81ED-6DE5E1258C17}&siteid=msn

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