Comment on the October 28 prediction: Still no price hike, so the prediction was CORRECT.
Thursday, November 6, 2008, 12:30 PM: From October 28 to November 3, the stock market rallied, but NYMEX energy prices didn’t. Curious. Then, on Election Day, NYMEX oil and gas took big jumps, and we seemed to have been set up for a price hike yesterday. I was busy following the election returns, but I considered posting something about that. Yet, yesterday and today, the Dow is tanking again, and so is NYMEX. I think it is time to ignore AXXIS for a while, and focus on NYMEX. Using the current intraday prices there, I get a 0-cent margin price in the neighborhood of $1.90, so if there had been a price hike today, it would have been in the $2.09 to $2.19 range. Since most retail prices are still above $2.19, expect prices to continue to fall the next several days.