I’d like to see crude dip below $135 & Bernanke speaking today at 8 a.m.

TUESDAY, 7:15 AM — I awoke this morning to find legendary oil man Boone Pickens talking on CNBC’s Squawk Box where he was hyping his plan to build wind generation plants, which he feels could produce 20 percent of our nation’s electricity. Though Pickens doesn’t deny he’s a Republian, he admits his plan will need the backing of a bi-partisan Congress and administration to get off the ground.

Gee… ya think?

While I’m a huge proponent of wind and other alternative energy proposals, I found the wide-eyed admiration from the CNBC hosts to Pickens’ reiteration of facts such as our country’s dependence on foreign oil is dangerous, and wind power would be a great alternative to produce our own energy for domestic consumption —  to be borderline ad nauseum. Have Becky and Joe been absorbing any of the information they actually read off the tele-prompters over the past few years?

This is not news, ladies and gentlemen. It’s just one rich oil man looking for a way to capitalize off of what many already know about the on-going need for — and profit in — alternative energy resources. 

We all know how solar, and especially wind, stocks have performed in the market — and many of us have made good money from them. The bottom line is they’re good for our environment and our economy.

Okay, I’ll step off my soapbox now.

MarketWatch has a good take on the story many on the street will be chatting about today — for the first time in four trading sessions crude futures took a dip on Monday. This led to other commodities also taking a pull-back. While the street may shiver over this news, I see it as a positive sign for the market. The price closed on the NY Mercantile Exchange at $141.37. My personal take is I’d love to see it slide down below $135 and show some resiliency to stay below that level. I believe that would help the overall market to start sighing with relief.

What to watch for today — Ben Bernake’s speech at 8 a.m. this morning.


One Response

  1. Cathleen, I want you to know that I absolutely LOVE LOVE LOVE reading your blog. I find it to be the most easy to understand information about stocks and investments that I’ve ever seen. Don’t EVER stop!

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