Oil hits new high, Dow burst with excitement

A warm welcome to yet another record high with oil prices. I'd say it's safe to say that the $115 support level has been thoroughly tested and it folded faster than Iraqi troops in Basra. Oil closed at $116.79, with $120 looking like an easy target. See what happens when you let industry choose the energy policy of a country?

There is something so wrong about the recent surge from the Dow which celebrated 9,000 job cuts from Citi just after 3,000 from Merrill Lynch. Strange days, though strange days tend to meet reality sooner or later. I'm thinking sooner.