Posted on 12/04/2004 12:53:48 PM PST by gotmatt
NEW YORK (Reuters) - Oil is still king on Wall Street -- and if you don't believe it, just take a look at this year's stock market charts.
Stocks have been climbing sharply since the end of October when oil began its 20 percent decline from $55 to below $43.
The major stock averages have climbed sharply during that time frame. The Dow industrial average hit a year's low of 9,708 on Oct. 25 and is up 10 percent since then. The Standard & Poor's 500 hit its highest level in three years this week.
Some analysts have long suspected that oil was getting too expensive based on pure supply-and-demand concerns. Inventories have been building for months but oil was hovering above $50.
The reason oil kept rising, they say, is that "herd investing" took over. Fast-moving hedge funds have been playing in the oil patch much of the year. Recently, those funds have dumped oil and poured back into stocks.
"The fundamentals didn't appear to justify $50 oil," said Christine Callies, chief market strategist for Bessemer Trust. "A lot of the move upward appeared to be technical."
(Excerpt) Read more at story.news.yahoo.com ...
Well, it's good and satisfying to see that my vote for GWB is already paying off. Yes, it feels good and satisfying.
""The fundamentals didn't appear to justify $50 oil," said Christine Callies, chief market strategist for Bessemer Trust. "A lot of the move upward appeared to be technical.'"
Bull! The market was being manipulated by Bush's Saudi "friends", Europeans and the likes of Soros to get Bush out and Kerry in. It didn't work, thank God!
Maybe George Soros has stopped trying to wreck the US economy since the elections are over.
The economy is definitely on its way to a complete recovery. Imagine if Kerry had won, he would have gotten the credit. Just like Clinton received the credit for an economy that was already turning around during Bush 41's last days in office. This is Divine Providence. Long live GWB.
If it were "herd investing", they why as far back as May did the December PEMEX futures cost $10-15/bar less than in November?
And hopefully George Soros took a bath with his tears with his losses.
I think it would be more accurate to say that the stock market rally was held back by higher oil prices. Not just semantics, either.
I want to know ... when will the CEO's of Exxon, Shell, BP, etc. be called before congress and be forced to explain this $13 drop in the price of a barrel of oil! After all, it can't just be market forces, whenever the price goes up, CEO's are blamed for conspiring. So is this recent drop a conspiracy, too? Inquiring minds want to know!
And a little down the road from that point a spider monkey could have been president to cruise on the kind of economy spike that came about due to the tech explosion.
Senator Kerry said that there was a secret plan to manipulate oil prices to effect the outcome of the election. It appears that if Senator Kerry of the intelligence committee was correct in that there was manipulation, it appears it was done by those that did not want the reelection of the president. I'm sure Senator Kerry's comments were not baseless. He is well aware of the effect that high oil prices had on investors and consumers as well as those who were laid off. We should have an investigation.</p>
I'm with you. I don't want healing from this election any more than I want "closure" from 9-11. I want to keep the momentum rolling and I want to steamroller the treasonous left into oblivion. I doubt I'll see it in my life time, but maybe the only reason for my life now (besides knowing and sharing the love of Jesus Christ) is to cast my votes toward that goal.
Actually my hope is that if we keep the momentum going the leftist "PC" crap might crumble faster than we think.
We can all agree that Soros is an evil Leftist but how much market manipulation and collaboration can a 15 year old do with the Nazis by the time the Allies conquered Axis Germany?
"George Soros was born in Budapest, Hungary on August 12, 1930" Source: Soros.org
He also was responsible for the currency crashes along the Pacific rim and Mexico. The fact that America bailed out Mexico and yet Leftists smile when they hear Soros' name bothers me to no end.
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