Fat Lady Singing?

Published on: 16:28PM Jan 04, 2011

The opera ain't over 'til the fat lady sings, or so they say. Was today that song? Possibly so. It is still a bit early after the holiday for the market to have made up its mind.

And what else? Gold got hammered and crude pounded. Looking at just the daily charts, one would expect both to go down a bunch from here. I'm not so sure that we are about to see a major decline, but today really destroyed the notion, expressed by certain "experts" on certain news (or is it merely infotainment?) networks that $180/bbl crude prices this summer was a gimme. What happened today to cause that reaction? Nothing really -- just a lot of folks seem to have, for now, changed their minds.

I hope everyone had a good holiday. I trust everyone of you had a glass of schnapps for me. Heaven knows, I can't manage nearly that many glasses in my antiquity. And I hope everyone had just a little too much to eat -- just enough to know that you were really well off compared to the unfortunate, starvation farmers of the 1880s to1900 or of the infamous dust-bowl days. And I hope you got to enjoy good time with those near and dear to you.