Market Watch with Tom Waitt

August_24th_2011.mp3 Parabolic Correction    Remember when Oil & Gas prices are the talk of the town, in the elevators, at the dinner table in the markets, the flavor of the month. It reached 147.27 a barrel it is now $85.64 42% lower. Gold recently traded $1,917.90 an ounce it is currently $1781.30 off 7% a 42% decline would be $1,112 not impossible. Crude Oil Light Sweet (Click For Larger Picture) Gold, 100 Troy Oz. COMEX (Click For Larger Picture) Investors often act like lemmings mythically following lock step till they fall off a cliff. The recent euphoria in Oil & Gas pump prices is a rerun of the past few years. In early 2007 a barrel of oil was $49.50 by mid 2008 it reached $147.27 a $97.77 advance, by early 2009 it had fallen to $32.20 a decline of $114.77. This time we reached $114.83 a barrel almost as much as oil fell last time, Crude Oil today is $85.64 In late 2008 Gold traded at $ 681 an ounce this week we reached $1917.90 an ounce a 280% advance in three