Crude futures have been moving quite precisely to our pivots, as some of you have noticed. The last minor-cycle peak fell just a nickel shy of a well advertised 58.21 projection, and the subsequent low at 53.45 (basis the continuous contract) missed by just 12 cents. Now the futures are off and running again, bound in my estimation for at least 60.40 over the next few weeks. If this is cause for worry, you wouldn't know it from the blas� reaction yesterday of the stock market, which recouped moderate losses from earlier in the session to close slightly higher. Don't Worry, Be Happy Maybe Wall Street's equanimity derives from the Bobby McFerrin Theory of Economics, which states: 'Don't worry, be happy we are a service economy' (as Mr. Greenspan and his shills are only too happy, if not quite blithe, to remind us whenever necessary). Granted, the U.S. economy does skew rather heavily toward services, as he implies. There are all those banks. And Hollywood. But we still consume quite a bit of gas getting to the office and to the grocery store -- not to mention, to Chicago, New York, Washington, Seattle and L.A.. to 'service' our clients. Considering there is almost no new oil being discovered, though, at least by the majors, what do you make of this story, out Monday in the Wall Street Journal under the headline ChevronTexaco Strikes Black Gold: 'At a time when the price of oil is skyrocketing, ChevronTexaco just laid claim to a big puddle of the stuff. The No. 2 U.S. oil major will buy Unocal, the No. 9 oil company, for about $16.8 billion, or about $62 a share. ChevronTexaco beat competing bids by Italian oil company Eni and China National Offshore Oil Corp. The deal comes as oil prices have been
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