Thursday, September 22, 2005

Crazy Wall Street

A quick remark: I just saw on CNN that the Dow has bounced back into the black now that oil has dipped on Rita's downgrade. Rita now packs Max. sustained winds of 150 mph and is on course for Galveston -- an area vital to the oil market.

So the traders, in their finite wisdom, have dropped the price of oil because the storm is no longer unGodly powerful, it is just a catastrophe en route.

Of course, this dip was predicted and even watching Katrina 3 weeks ago would fuel that prediction further. Traders/Speculators are silly people. I think oil is going to bounce up a little soon -- I dunno, call it a hunch.


Blogger Bassizzzt said...

These days all it takes is someone to say something out loud like "Saudi is drying up" and boom, oil prices skyrocket.

Speaking of which, yesterday before I went to Richmond for seminar, I filled up at the shell station near the buckly moss museum, gas was at $2.55. As I sat there in line, the guy came out and jumped the price to $2.69.

Luckily for me she let me in because I was in line before the prices jumped.

7:00 AM  

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