Fresh from his appearance in the Senate chambers talking about the economy, it seems Fed Chairman Ben Bernanke has instilled fear in traders about a possible slowdown in the economy.
At this writing, gasoline is down 22.77 cents to $3.33, and NYMEX crude oil is trading down $8.65 to $136.53! Could this be the mini-correction that we’ve been waiting for?
If the market locks in this big loss, I’ve come to expect a big gain on the market for tomorrow, but we’ll see. If it does indeed stick, look for pump prices to slowly slide.