Notable bear Doug Kass writes today:
While not easily documented, the last leg up to the recent climb in the energy complex’s price did not appear to be stimulated by any meaningful change in demand and/or supply. Rather, from my perch, it had to have been importantly influenced by speculators — some of which are those wonderful folks who gave us the previous bubbles in Internet stocks in the late 1990s and in housing in the early 2000s…
I have seen this movie before, and I have profited from it. It is all too familiar… At the risk of being slightly premature, I say to the oil longs — sold to you!
All I have to say is, “word up, Mr. Kass.”
Kass: Speculators Helped Spawn Oil Crisis