Oil shot past $101 today in after-hours trading.
I love news like this actually. The picture is actually starting to look pretty bleak. Housing is bad, and in my opinion will get worse, no matter what the crooks, I mean real estate industry has to say. The US looks headed for a recession. The superstars of tomorrow are having problems. High energy prices mean that inflation is likely.
Inflation + Recession = Stagflation
which is the worse thing that could happen to our economy. So despite all this doom and gloom, why would this type of thing make me smile? Because things are starting to get to a point where I might be interested in buying. Granted, I probably can't double my money this year, but long term, there are starting to be some interesting plays. Best time to buy stocks is when nobody else wants to, and right now, a lot of people are fleeing stocks.