Stocks fell last week as the S&P500 and Nasdaq turned around from new multi-month highs posted mid-week. The dollar reversed earlier gains to finish the week lower while gold rallied to within striking distance of a new bull market high. Crude oil futures exceeded $53 per barrel, taking great sport in exposing most analysts as the unjustifiably overpaid ninnies that most of them are.

And speaking of oil, in the words of the fine folk at Reuter’s Treasury Secretary Snow predicted that oil prices are “set to go down.” Clearly we’re nowhere near a top and if there’s one thing that Snow’s statement makes abundantly obvious it’s that oil prices are in fact set to go higher.

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Stocks reversed losses posted earlier last week to close higher, staging a huge rally last Friday. The dollar continued to slip while gold rallied to levels not seen since last April. And crude oil futures surpassed the $50 level, as forecasted in these writings not too long ago.

Naturally, various and sundry Wall Street analysts continued to insist that oil SHOULD be priced at closer to $25, thereby offering compelling evidence that we are nowhere near the ultimate high of this bull market. When the “crude at $25″ clowns at Bear Stearns start singing “$200 oil!” we’ll know the top is firmly in place. Until then, strap yourselves in for the ride…

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