Get Ready for more Pain at the Pump

Gasoline prices, which have been seemingly unaffected by the recent relative weakness in WTI, exploded through overhead chart resistance near the $2.55 level in the electronic trading session today. Fueled by unrest across the middle East, the entire energy sector shot sharply higher in the thin conditions.

If this market holds onto its gains tomorrow when the full trading contingent will return, it looks like we are going to have another commodity market catching fire further fueling the coming surge in inflation. Food and energy - the essentials of life - are now all rising together.

It puts me in remembrance of a scene from the movie, "Rocky 3" where the sports announcer is asking Rocky's opponent, Clubber Lang, about his prediction for the match between he and Rocky.

Clubber responds by repeating the word, "Prediction".

and then adds, " PAIN".