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Bird's Eye View: Friday, June 27, 2008- We need to see a final selling panic!
Posted on June 27, 2008
You know what the news is-- in a minute, you're going to hear the rest of the story - Paul HarveyCapitulation is the word. It is a day in the market when stocks fall sharply on high volume, then mount a dramatic intra-day reversal to close much higher. My best guess is this will happen on Monday or Tuesday of next week.This being said, we need to ask if this event will mark the final bottom. If oil prices peak and begin a dramatic decline from current levels, I would say yes. If oil prices rise to the $150-$170 range this summer as OPEC's president suggested yesterday, then no.A $150-$170 pri...
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