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It is worrisome. OPEC and Russia agreed to cut production by 1.2 million barrels per day, yet even that has not stopped oil from falling (West Texas crude is around $47 per barrel). When oil falls below $50, generally, oil drilling stops, and workers in the oil patch are laid off. Indeed, you have lots of people that receive oil royalties, which helps fuel the economy; when said royalties slide downward....
No doubt that the stock market has, at the least, hit volatile times. The futures are up as of this morning, so hopefully that will lead to an up market today. Yet, it does appear that the steady growth is gone, at least for the time being.
The price of oil maybe one of the reasons people on main street are not down on the economy. They are paying less for gas and fuel to heat their houses as colder temperatures set in for the winter.
As an example I paid $2.14 a gal. yesterday. Living in Fl. I seldom use any heating but up north it should be a help to those who do. More people have more money in their pocket as a result.
As this chart shows there has been wide fluctuation over the last decade in the price of oil with different segments benefiting at various times. Sometimes the consumer and sometimes the producers.
Notice where the economy was and the price of oil was in Feb. 2009 and where they are today.
Well now. I was just about to give Trump a shout out for stabilizing and sending the markets back up today after yesterday's fiasco. But, wait! It's headed down bigly after his bone headed appointee raised rates and promised more in the face of the looming recession.
OP: looks like you could hit your 23-4 buy point today!
I don't see $4 gas happening nationwide any time soon. Oil is collapsing like it did in late 2008 on economic worries. I do think housing and commercial real estate are both in for a world of hurt and could possibly bring down the banking system.
Oil is collapsing mostly due to US Dollar currency strength.
We can all pick a point in time and picking one that looks favorable to the desired narrative is easy. Maybe you missed that !!!
Lets say we pick when elected.
There is a market reaction once the certainty is known. That is within keeping with the idea the markets like certainty.
That blows your idea out of the water. It took Obama 5 plus years just to get back to even. Then 3 years later the start of a double bottom sends it back to within roughly 3,000 points of the same level as when he was first elected.
Election to election. Let us know when the DOW hits 18,000 or what it will be after seven years of Trump in office
You are claiming that Trump is great on the economy and that he has blasted Obama out of the water. It's not arbitrary to look at the day Trump was inaugurated and today and compare that to the day Obama was inaugurated and late December 2010. Trump has been in office for 23 months. In those 23 months, he has done more poorly than Obama did during his first 23 months. There is no idea being blown out of the water other than the absurd one that Donny is doing better when it comes to the Dow.
FedEx is having its worst day in 10 years today on fears of a collapsing global economy and the CEO blames most of it on Trump (bad tax cut, bad tariffs).
Well now. I was just about to give Trump a shout out for stabilizing and sending the markets back up today after yesterday's fiasco. But, wait! It's headed down bigly after his bone headed appointee raised rates and promised more in the face of the looming recession.
OP: looks like you could hit your 23-4 buy point today!
Tall Traveler just put another $1 million into cash.
tall traveler just put another $1 million into cash.
lmao.
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