Taco Challenge

Heather said she was up for breaking her record of eating 4 tacos in a
single session.

However, the look on her face while scarfing down taco number 2
indicates to me that she won't make it.

Short Term vs. Long Term

Short Term it looks like Financials will tick up and the Energy complex will drift down.  If you are looking at daily movements, good luck - anything can happen.

It will be interesting to see what happens in September.  The Chinese will have the Olympics behind them and their restrictions on fossil fuel use will be lifted.  Europe will be back from "holiday".  And US multinationals should be getting geared up for 2009 projects.  This could put us back on the cycle of demand exceeding supply in the crude oil markets.

While the US is still the dominating user of oil (20+M bbls/day), growth is coming from China and India.  Even if the US were to cut back by 10% (2M bbls/day), China and India would likely offset that reduction.

US investors need to understand that while the US is a dominating player in energy markets, the price of oil is set in Beijing.

Tony Rumjog