Positives & Negatives at Equilibrium, August 2, Survival Mode

The positives have changed:

1) OIL OIl Oil oil ... .. . , will it break below $120/barrel this week? We think so. First, congratulations to Joe Terranova, as his prediction of crude holding $120/barrel came true. Psychology of the Call team (POTC) did write oil would "probably" not break $120/barrel because of the Iranian tensions, but we were in fact hoping Joe was wrong nonetheless. We weren't impressed with the tiny move up for the week though. Even so, hats off to Joe Terranova, as we give credit where credit is due! We're not aware of Terranova's latest opinion, but we assume he's still long, as we're still short. Our opinion of oil breaking down has not changed since it rose to $120/barrel. The very day it peaked at $147/barrel, we were lucky and called the very top, as verified on the blog archive.

Senator Obama's position on drilling now has changed. We urged...
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