Crazy old T. Boone Pickens, who is getting the stuffing kicked out of him in his oil investments, went on Mad Money tonight to exclaim that oil was “close to a bottom” and that “it’ll be back to $70-75 by year end.”
The fuck?
I am sure there were plenty of smart, formerly successful, investors who said stocks would race all the way back–in the winter of 1929.
Oil is dead and isn’t coming back anytime soon.
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I don’t like Gentlemen Tube.. sounds P0nish… I like TopHat Tube
He said the exact same thing 1 year ago. He’s full of shit.
Well, it just got a f$ck of a lot cheaper if he’s interested in more.
Oil is heading to $20 mark my word….. maybe back to 75 in 3 to 4 years.
T Boone is only right if the Middle East blows up – or the opposite: Iran and Saudi make up and start getting it on.
That’s possible in the medium term but not in the next three – five months. In the meantime, we are almost in or already are in classic game theory mode, with everybody everywhere pumping as much as they can.
This is tower of terror time, a free falling elevator to the bottom;?barring the blow up or the love in, the direction is down for months if not longer (the latter depending on recessions and dollar strength),
Bravedflaps in 2016 – and, might I add, fuck China?
Need a new ground war in the ME – improbable. Otherwise 20s.
25 x 3 = $75. He’s into the triple levered stuff.