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Crude Oil Celebrates the New Year with a Massive Breakout During First Week of 2010
"We have long stated that when crude oil broke $80 by at least 1 percent on a weekly close, a new major uptrend would very likely be underway. Crude oil easily accomplished that during the first week of 2010, surging to close near $83. As long as crude oil does not see a weekly close back below what should now have become support at $80 to $78, the importance of this breakout is hard to overstate. Why? - Because the price of nearly everything is heavily dependent on the cost of energy - especially crude oil. People often don't perceive this connection as there are varying lag-times (often several months to a few years) between a significant rise in oil prices and a rise in the cost of bread, industrial metals, plastics, plane tickets, and the majority of other products and services you can think of. So when the inevitable rise in the cost of living comes, it is easy for the governments and central banks of the world to say that no one could have foreseen the price increases, and if anyone is to blame it is the evil speculators who drove up the cost of copper, steel, wheat, corn, rice, etc. (as it could not possibly have anything to do with central banks increasing the money supply many times faster than any increase in the amount of goods and services produced)."
http://news.goldseek.com/GoldSeek/1263193380.php
"We have long stated that when crude oil broke $80 by at least 1 percent on a weekly close, a new major uptrend would very likely be underway. Crude oil easily accomplished that during the first week of 2010, surging to close near $83. As long as crude oil does not see a weekly close back below what should now have become support at $80 to $78, the importance of this breakout is hard to overstate. Why? - Because the price of nearly everything is heavily dependent on the cost of energy - especially crude oil. People often don't perceive this connection as there are varying lag-times (often several months to a few years) between a significant rise in oil prices and a rise in the cost of bread, industrial metals, plastics, plane tickets, and the majority of other products and services you can think of. So when the inevitable rise in the cost of living comes, it is easy for the governments and central banks of the world to say that no one could have foreseen the price increases, and if anyone is to blame it is the evil speculators who drove up the cost of copper, steel, wheat, corn, rice, etc. (as it could not possibly have anything to do with central banks increasing the money supply many times faster than any increase in the amount of goods and services produced)."
http://news.goldseek.com/GoldSeek/1263193380.php
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