Even I was stunned when I saw the Financial Times and the headline said, “Oil Futures Near $140 Amid Fears of Shortage.” As Robin used to say, “Holy smokes, Batman!”

In the energy market Thursday, crude for June delivery blasted higher, settling at $126.29/barrel, up $2.17 after easing off a record intraday high of $127.82. June reformulated gasoline rose 5 cents, to $3.22/gallon.

When a commodity or stock breaks out to new highs, as oil has done again this week, it’s extremely unwise to go short, as many are suggesting. I have no doubt, of course, that now I’ve said that in print, it will mark the top of the market.