At $71, Oil is cheap

Checking the price of oil today (Monday, May 17, 2010) at 4:30pm EST on - http://www.bloomberg.com/energy/ showing NYMEX Crude is at $70.57 per barrel which seems very cheap to me. It seems like people are panicking (due to Greece et al.) that there will be a global depression (which is one of the few things that could substantially drop the price of oil). It's also possible that Big Oil is trying to keep the price down to counter any potential economic arguments to get off fossil fuels as a result of the giant BP spill. It's tougher to argue that renewable energy is "price competitive" when oil gets really cheap whereas the case for Solar & Wind is extremely compelling when oil gets to where it will trend for the foreseeable future (namely $70 - $90 a barrel as I've been saying for years, and massively more compelling when oil gets above $140 as it conceivably could). So BUY OIL at cheaper than $73 and sell it before it hits $85 or so (don't get too greedy). I guess if I had to put a "stop-loss" it would be at $64. And yes, I'm aware that following my most recent oil trade recommendation would have lost money (when I said, on March 29 2010, when oil was at $82.36 that it was "a little high" and that I recommended you sell when it drops to $78 and cut your losses if it goes to $85 - which it then did. Consequently I should have had the confidence to say it will eventually drop well below $82.36 which is has since done. Hindsight is 20/20). So overall, my predictions about oil have been pretty darn accurate. We'll see how good this one is.