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Old 07-17-2008, 12:35 PM
 
Location: Chicago
3,340 posts, read 8,709,718 times
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This article was recently released and the price of oil so far has dropped 3.40 dollars to day and Dow, S&P and Nasdaq are all up.
http://www.marketwatch.com/news/story/us-stocks-rally-second-day/story.aspx?guid={93F3E2A7-1864-4DB3-AE9D-FBB76FA12940}&dist=TQP_Mod_mktwN

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Old 07-17-2008, 01:21 PM
 
Location: Chicago
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Oil is now under 130 dollars per barrel at 129.30 $, it going good for now, though hopefully if things go back to what they were we will remember what happened here.
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Old 07-17-2008, 01:27 PM
 
7,279 posts, read 13,536,833 times
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I certainly hope the market keeps it up. We could use the economic good news.

Still, as they state in the marketwatch article, we should exercise caution before celebrating too hard. A few days does not an economic turnaround make.
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Old 07-17-2008, 01:51 PM
 
Location: Orange, California
1,573 posts, read 5,654,507 times
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Quote:
Originally Posted by CarolinaBredChicagoan View Post
I certainly hope the market keeps it up. We could use the economic good news.

Still, as they state in the marketwatch article, we should exercise caution before celebrating too hard. A few days does not an economic turnaround make.
Agreed. Even the oil is down a good bit, it has been extremely volatile due to all the Wall Street folks speculating on it and buying options and puts. The current price does not accurately reflect supply and demand and I read that even the Saudis are mystified by how expensive it has gotten since OPEC output has increased and worldwide demand appears to have remained steady.
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Old 07-17-2008, 02:24 PM
 
Location: Middleton, Wisconsin
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I'm glad to hear this. I think that Americans that have been reducing there driving has helped for sure.
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Old 07-17-2008, 03:00 PM
 
Location: New Albany, Indiana (Greater Louisville)
9,859 posts, read 21,158,402 times
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IF the Dow is actually up it must be a good day.
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Old 07-17-2008, 03:52 PM
 
Location: Chicago
3,340 posts, read 8,709,718 times
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Quote:
Originally Posted by censusdata View Post
IF the Dow is actually up it must be a good day.
Yep it went up 207 points.
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Old 07-17-2008, 05:21 PM
 
Location: Chicago
38,690 posts, read 89,260,590 times
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Quote:
Originally Posted by goozer View Post
Agreed. Even the oil is down a good bit, it has been extremely volatile due to all the Wall Street folks speculating on it and buying options and puts. The current price does not accurately reflect supply and demand and I read that even the Saudis are mystified by how expensive it has gotten since OPEC output has increased and worldwide demand appears to have remained steady.
I'd believe you if it weren't for the fact that the forward price of oil as far out as 2016 delivery is still hovering around $135-$140/bbl, and had the price of oil not been trending upward for 10 years now. In short, this isn't just short-term speculating. Today's price doesn't just take into account today's supply and demand; it takes into account anticipated future availability. And while Saudi Arabia may feign bewilderment at today's high prices, the fact is they stem from OPEC's inability to increase production enough to force prices sharply downward at will like they once could. That's why people are worried about future availability and sending oil prices higher today regardless of today's slight increases in output. Getting the USD inflation under control will help quite a bit in the short term, but we will never see anything close to the $11/bbl prices again that we saw just 10 years ago.
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