Tuesday, September 02, 2008
The Financial Entertainment Network is always good for laughs.
The 3:00PM ET headline is about the Dow being up as much as 250 points (246) during the day. The ticker read minus 56 as they spoke those words.
This is classic end game behavior. Head fakes and trend violations. Oil under $110. Of course oil is under $110. Even blended the ultimate consumers of petroleum products are not willing to pay even $90. This is where the market "trading" oil runs smack into the real market. This part is easy. New England is not filling their winter heating needs. And that means a lot of those people are either tapped out or planning on not buying at all. Good news for diesel consumers. Home heating oil is essentially diesel. [They come from the same fraction.]
Financials are only losing a little. This after a couple of up weeks. Another head fake. IMO nothing but market manipulation and lies. Airlines are up big. That's insane. The airlines couldn't make money with $40 oil. Apple and RIMM off moderately. Crackberry I understand but APPL is piling up multiple back to back blowout quartersand poised to get $1500 of my money for my kid off to UCLA in 3 weeks.