Wednesday, July 29, 2009

Big Tell

Oil is getting whacked today, 5% or so...big build in inventories - duh 10% unemployment (and thats the government number not the real one) will lead to less traffic on the road and less gas being bought. I for one like to see oil get whacked for two reasons 1)not a big fan of the middle east oil guys 2)cheaper to drive my car but stock market players view weak oil as a weak economy so oil goes down they sell stocks....the S&P should follow today , I could see the S&P closing down 1.5 to 2%

JB

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