Will Crude Oil Ever Stop Rising??

Last week President Bush met with the Saudi Arabian King to discuss increasing Saudi oil output. The King refused and President Bush was handed his hat while leaving the Kingdom. Today Crude Oil prices rose another four Dollars to close over $133 a barrel. So much for the influence of the House of Bush on the House of Saud.

I have included below a Sigma Band chart for Crude Oil. As we can see from the chart it is quite possible for Crude Oil to continue up somemore. Currently, for Crude to reach a +3 Sigma level Crude could go to $137. But the worst part is the momentum does not appear to be weakening. I believe Crude's momentum will weaken before we start to see Crude Oil start to top out. So I'll monitor Crude Oil daily. When momentum starts to weaken I'll let you know.

In the mean time be very careful. The higher Crude goes the more working people will be added to the list of those who cannot pay their bills. I believe that the day will come when Crude prices could be so high the US economy will snap like a twig. As it is the economy is being strangled by high Oil prices. The question is: "What will be the breaking point?"