Oil Prices

Nothing but commentary on 134$ oil this morning. All the signs of a short term top in place. Main evidence is an underperformance of the oil/energy shares vs the underlying commodity. I suspect the oil chart is going to resemble the gold chart from March 20 to May 8-a quick 15-20% drop. The only evidence of a top not being in is that everybody is calling a top. Talk of oil bubbles and commodity bubbles usually do not occur at turning points. This could be like the Nasdaq in 1998 where the top callers were right for 6 weeks only to watch the index rocket higher 50% into Jan. 2000. Plenty of shorts in oil and maybe the squeeze runs until it is not just overbought, but ridiculously overbot.