20080719 Further drop in crude oil futures. It seems the bubble has well and truly popped on the overexuberant bulls (silly ones), it is good for the consumer, hopefully the cost of air travel will fall back. The price action of this sell off indicates the big money cashing out and turning short this market. Looking forward, it is probably going to bounce, suck in more stale bulls averaging losing positions then fall to new lows of us120 per barrel.

Crude Oil futures chart