A Record Spike Socks Crude

With the general unease in the country, the markets responded today with a jump in crude prices.

The trading day started with oil jumping as high as $130/barrel and finally settling at $122.60. This occured with the money headed toward commodities now with the general weakness in the US dollar. I can only assume that the recent good news in the energy markets may be short-lived.

There is still a ‘wait and see’ feeling in the market as President Bush, Secretary Paulson, Chirman Bernanke and the Congress are positioning to get the legislation necessary put in place before Congress adjourns. By midday, the President was cautioning Congress not to make this a ‘Christmas tree’ bill, complete with all sorts of pork.

Hold on – we may be in for a heckuva ride!!

Oil spikes $25 a barrel on anxiety over US bailout – AP