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Old 07-17-2008, 03:58 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 21,894,327 times
Reputation: 3587

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Oil and gas continue in free fall! The great oil bubble has finally burst!

Oil markets: Bottoming out or taking a breather? - Yahoo! News (broken link)

Wall Street is happy again! Stocks up 500 points in 2 days!

Wall Street surges again on falling energy prices: Financial News - Yahoo! Finance (http://biz.yahoo.com/ap/080717/wall_street.html - broken link)

Housing starts WAY up in June!

June housing starts up 9.1 pct; NY code cited - Yahoo! News (broken link)
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Old 07-17-2008, 04:01 PM
 
19,086 posts, read 20,659,578 times
Reputation: 8358
Now if only they will hold (better yet, continue to gain)... we will see tomorrow... I still think its going to drop though...
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Old 07-17-2008, 04:03 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 21,894,327 times
Reputation: 3587
Quote:
Originally Posted by evilnewbie View Post
Now if only they will hold (better yet, continue to gain)... we will see tomorrow... I still think its going to drop though...
Tomorrow the market will possibly take a breather. I predict it will end up about the same as today but by the end of next week we should be cracking 12,000.
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Old 07-17-2008, 04:09 PM
 
Location: Heartland Florida
9,324 posts, read 24,262,298 times
Reputation: 4927
Does anyone else see many things wrong with this? The dollar is weak, why do these fools rallys keep happening?
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Old 07-17-2008, 04:16 PM
 
Location: Great State of Texas
86,068 posts, read 74,739,217 times
Reputation: 27602
I would really like to know the reason behind the fall in oil.
tallrick, I agree with you that I couldn't find any sane reasons for these last 2 days of a rally. The fundamentals aren't there to support them.
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Old 07-17-2008, 04:27 PM
 
Location: Texas
4,933 posts, read 6,972,369 times
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Quote:
Originally Posted by HappyTexan View Post
I would really like to know the reason behind the fall in oil.
tallrick, I agree with you that I couldn't find any sane reasons for these last 2 days of a rally. The fundamentals aren't there to support them.
It ran to $145 too fast. It's a correction, and I don't think it will go much lower than $120.

As far as the rally goes, it's similar to the post bear stearns bail out rally. It's the markets way of embracing socialism before they see the value of the dollar slip against the Euro ever more (which will take a few months before it becomes apparent.)

Everyone knows the dollar is in deep trouble, but for now, embrace the rally, hedge you long positions in commodities accordingly, and ride the wave up. Don't worry, we are still in a bear market and will continue to fall to the 10,000 level and trade flat there for many years.
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Old 07-17-2008, 04:30 PM
 
Location: Los Angeles Area
3,306 posts, read 3,555,673 times
Reputation: 592
TexianPatriot, where did you get your crystal ball?

Anyhow, the moves in the Dow are very odd. Why are financials going up so much? Something smells a bit fishy here. Oil dropping makes sense though, its trading far beyond fundamentals right now.
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Old 07-17-2008, 04:30 PM
 
3,460 posts, read 5,070,768 times
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Quote:
Originally Posted by HappyTexan View Post
I would really like to know the reason behind the fall in oil.
Look at inventories of gas and distillates too. Inventories of everything went up. Demand didn't slow....it fell through the floor.

My theory is that stimulus checks helped to prop up oil use and contributed to keeping the price high through the start of the summer. Plenty of people like me cashed their checks and then went straight to the gas station....
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Old 07-17-2008, 04:36 PM
 
Location: Charlotte, NC (in my mind)
7,946 posts, read 15,399,118 times
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Quote:
Originally Posted by HappyTexan View Post
I would really like to know the reason behind the fall in oil.
Hopefully this drop can be sustained and isn't short-lived like the last two have been. There is more at work behind the oil prices than we are lead to believe. I am just guessing, but I fully expect oil to go lower than anybody anticipates as the election approaches.
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Old 07-17-2008, 04:48 PM
 
Location: Texas
4,933 posts, read 6,972,369 times
Reputation: 5506
Quote:
Originally Posted by bchris02 View Post
Hopefully this drop can be sustained and isn't short-lived like the last two have been. There is more at work behind the oil prices than we are lead to believe. I am just guessing, but I fully expect oil to go lower than anybody anticipates as the election approaches.
dude, your predictions are all over the place. stick to something man, even if you are wrong.
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