For insight about the stock market, commodities and the housing market, check out Jim Rogers last book. I think that Chris Puplava just wrote a very good article on it as well. In terms of inflation adjusted, which you must do given its huge rise in the last 10 years, the Dow is at about 8000. Measured in Euro’s, in aint much better. And dont consider the CPI anywhere near accurate for inflation measurement. See http://www.shadowstatistics.com for accurate inflation and unemployment numbers.
We are about 10 years into commodities bull market and they historically last 15 to 20 years. What’s more important, they’re always inverse to the equities market. The US Govt has flooded the global financial system with so much US$ since 2001 that the dollar has been blown away. So this makes measurements in nominal $ very misleading. It’s also why almost every asset class has gone up in the last 8 years!! This is a VERY unusual event. And our extreme inflation explains why. Give a read to Marc Faber as well. He’s had some great insight in the last 10 years.
At any rate, given that the Fed will continue to print $$ and the commodities market is far from over, we should see oil and other commodities continue to rise despite the global recession that starting happen. This was the case in the 1970’s. It is comforting to see supply/demand maintain it’s power in the market despite all the attempted manipulations by central bankers and large money managers! My 2 cents.