However technically correct you may be, I found DUG at $80 just the beginning, with a covered call sold for $12 at $80 as a hedge due this Friday.
The OPEC ministers this weekend just about gave up, the cost of the real estate debacle is turning out to be world wide because many countries not only invested in our toxic paper, they copied us and wrote a crapload of their own.
Also the tendency to frugality on the part of the American people means DETROIT isn't selling its pig iron very well, even Toyota took a plunge, as our unemployment rate climbs past 6 to 7 to 8% over the horrid XMAS season we are about to have.
With the govt lieing to us about downward quarters, and now trying this "flat trend" crap which isn't going to sell either, and with nothing but BS and money to banks without forcing them to lend to anyone with any hope of keeping business alive, we are about to experience the fall in the use of oil to the ten to 15% mark.
Anecdotally, a friend of mine just bought some electrostatic heaters for about $100 to augment his oil heat. When I asked him whether he'd save any money that way, he said he didn't care whether it saved money or cost the same, just as long as the shiek of Araby didn't get his money.
That's joesixpac talking, and I think he is going to be heard all the way down to $55 a barrel.