If a man or woman has the real facts, they have the balls to do what they got to do :)
I did not think I would have to highlight the details regarding the fundamentals of Libya, but given the absolutely horribly negative media coverage I figure I help the big-boys grow a set of balls.
I mentioned that the 'spike in oil price' argument the bears will use is bullshit already via the 'there will be pain' post. Here is why.
Libya produces about 1.8 million bbl/day. Lets be optimistic and assume they raised their production levels and its more like 2 million bbl/day. In contrast the global oil production, as of Oct 2010, was at 86.8 million bbl/day. So Libya produces about 2.3% of the worlds oil supply.
That's 2.3%. A slight increase in production from OPEC nations, non-OPEC nations, along with the crude from tankers coming online, there is plenty of capacity to handle 2.3%.
I know Cramer's biggest fear tonight was a rise in oil prices. But the facts simply do not justify that fear. I am glad to see I am not alone in this, commodity focused trader, Dennis Gartman agrees.