Correction is done today. Look for tomorrow for all comodity to recover what lost today. As long as BUSH+IRAN + NIGRIA exist Oil will keep going up. Copper is King and will stay that way as long as GDP in China is close to 10. Gold is a safe heaven as long as the dollar is dying and Bush's deficit is in the sky. Don't kid yourself about Comodity.
I don't know if it will hit 66 but I do agree that corrections are coming. However, I'm in both for the long haul (in both since '99) so minor corrections are healthy.
Long term outlook for both these sectors are good.
Just a rough estimate by looking at the chart: OIL will correct to 66. But long term trend is still scarily up. Won't be suprised if OIL breaks 80 by August.
Gold looks really scary now -- parabolic, will correct big time, at least 10% to low 600 in coming weeks.
Just my two cents.
Actually I had my first one about TWO weeks ago. I had the corn and broccoli in there with it and nearly had a douse my mouth off with ICE.
Good good eating....
I have another boil in a week. Looking forward to it!!!