Down this morning to $3.479 ... evidently the bottom has not yet been reached. Demand, I have heard, has tapered off a bit and that (coupled, I presume, with the fleeing of speculators looking for huge fluctations in the market) has led to a depression in the per-barrel price.

"Enjoy it while you can," says my more cautious side.

On the other hand, my optimistic side now thinks $3.449 is entirely reachable, and $3.399 with the realm of possibility.