Let me hear the Kool-Aid arguments about China demand and other such chit-chat. Oil is in a bubble and so is the XLE.
Im going to the dealer tommorrow to pickup a brand new Ford Expedition or Suburban at these discounted prices with the largest engine available. Oil cant stay where its at.
Energy and every other commodity is in a bubble...
Just wait till you see a vertical drop in oil where it drops 25%+ in a few weeks, dont be surprised either. Demand for oil is going to drop, no need for the demand when the US is in a recession and nearly 3/4 of the population are complaining about high energy prices. Its going to end just like every other bubble.