Unfortunately does not look good for Monday opening. Asian markets are down over 3%.

Oil down about $2 on over night futures market ($91.99).

Legendary Henry Groppe(dean of Houston forecasts of Oil&Gas prices) advised his clients to sell Oil. He expects the price will drop to $70 this year. Over the next decade ,Groppe sees the price climbing to $110.

I hope he is wrong this time.

This is from subscription commentary at www.marketclues:

(October 5, 2008) The oil market reversed sharply lower as the implication of the credit crisis sunk in. At this time, we cannot say that next chart support in the 80s will hold. If the stock market continues to plunge as we expect it to, oil is going to have a very hard time holding support.

http://www.marketclues.net/img/20081...

Use the slider at the bottom to see full chart.