I want to do a follow up on the last story before getting back to my money and markets update posts on gold and black gold. But, first itâs worthwhile to note that markets around the world are in the midst of imploding with oil leading the way. My downside low on oil remains $10 a barrel. I may be the only person on earth who was writing this would happen when oil was nearly $150 and Goldman Sachs was calling for $200 and $200 oil. Frankly, like many topics on here, Iâm the only person who has ever uttered $10 and oil in the same sentence. Oil is now down to under $40 from nearly $150. Itâs going much lower. But we are nearing its $2008 crash low, which I also predicted to within a few dollars, so how oil acts at the $2008 low will be very interesting to watch. By the way, my long time downside on the S&P remains 200-450. That is, if the stock market doesnât disappear completely, which has been discussed on here as a possibility. If capitalism disappears, so will its funding mechanisms like stock markets. We have a long, long way to go if that is anywhere near accurate..
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