Market Sentiment

Today's fall is due to sentiment. Libya produces less than 3% of world's oil consumption, and this is only a short term problem. Saudis can increase output to make up some of the short fall. The dickhead will be deposed and things will be better in Libya. So why the gloomy short term outlook? No spare cash at the moment, otherwise, I would be buying in today's market.

In Australia, we produce most of our oil and the rise is only during the ME turmoil. After that oil should fall back to a more reasonable rate to sustain economic growth in India and China, and to a lesser extent the USA. If it is me with cash, I would buy oil and gold companies.