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Worried investors send stocks sharply lower as crude tops $55 US per barrel
Yahoo ^ | Oct. 22, 2004 | MALCOLM MORRISON

Posted on 10/22/2004 12:40:47 PM PDT by expat_panama

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Yahoo! NewsWorried investors send stocks sharply lower as crude tops $55 US per barrel

MALCOLM MORRISON

TORONTO (CP) - Crude oil that rose well past the $55 US a barrel level pressured stock markets Friday as investors also dealt with a string of tepid earnings reports.

The price of crude oil for December delivery on the New York Mercantile Exchange moved up 98 cents to a fresh high of $55.45 US a barrel on supply concerns - particularly heating oil inventories amid forecasts of a colder than usual winter in the U.S. Northeast.

Investors also found fault with many of the latest batch of earnings reports from the United States.

"We've been essentially range-bound," said Patricia Croft, chief economist and vice-president at Phillips, Hager and North.

"We get to the top of the range and people get a little bit frightened and then on we go but the uncertainties that were with us at the start of the year haven't really been resolved in terms of oil and economic outlook and the Fed and politics and those issues have still plagued the markets."

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Culture/Society; News/Current Events
KEYWORDS: oil; stocks
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Actually stocks are down for some and up for others, as they always are.  Small caps are at an all time high.   The difference between small and big caps is kind of like the difference between payroll and self employment --one's up and the other's down.

1 posted on 10/22/2004 12:40:47 PM PDT by expat_panama
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To: expat_panama

Bin Laden worries?


2 posted on 10/22/2004 12:41:34 PM PDT by what's up
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To: expat_panama

Bin Laden worries?


3 posted on 10/22/2004 12:41:59 PM PDT by what's up
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To: expat_panama


I think this is the Dems Oct Surprise, re: Soros..

Send the Oil up, Crash the markets right before election..

Wouldn't be suprised to see a 300+ point drop in the Dow next Thursday or Friday.



4 posted on 10/22/2004 12:43:24 PM PDT by Josh in PA
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To: biblewonk
Ping. You must be loving it.
5 posted on 10/22/2004 12:44:19 PM PDT by newgeezer (...until the voters discover they can vote themselves largesse from the public treasury.)
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To: Josh in PA

Ya---I think you are right, the oil market is being manipulated, causing the stock market to drop. Also the big money managers in NY love F'ing.


6 posted on 10/22/2004 12:44:41 PM PDT by Pondman88
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To: Josh in PA

I agree, it's definately a Soros move. Wish someone could prove it before the election.


7 posted on 10/22/2004 12:45:03 PM PDT by hipaatwo
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To: what's up

Noooooooooo,,,,Eliot Spitzer worries!!!!


8 posted on 10/22/2004 12:45:17 PM PDT by stockstrader
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To: expat_panama

Time to start drilling in ANWR if we are going to turn this thing around. We're in a time of war. President Bush needs to declare, based on our state of war, we are going to start drilling. Most of the people will agree with and back him.


9 posted on 10/22/2004 12:45:29 PM PDT by sitewriter
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To: newgeezer

SOROS LOSING BIG MONEY AND FEEDING FED FTC LAWS...THIS IS GOOD

HE WILL BE IN JAIL THIS TIME NEXT YEAR


10 posted on 10/22/2004 12:46:15 PM PDT by Gibtx (Pajamahadien call to arms.....)
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To: what's up
And Greenspan says "don't worry about it" I thought he was a banker. What does he know about the oil markets? Too bad Russia is being reclaimed for the KGB by Putin. BP for example refuses to invest in Russia.

No one ever talks about the good news of higher oil prices. Low prices tether us to the Middle East b/c only they can afford to drill it. Higher prices encourage offshore and high cost reserves to come on line. Alberta has what's called oil shale. It is very expensive to process, but could soon become economical to do so. Americans be rest assured, Albertans are not like other Canadians. In general they respect the US. Alberta's only fear is that our Federalists (tyrants) will try to scoop the oil revenues for themselves and destroy our industry.
11 posted on 10/22/2004 12:47:21 PM PDT by Lord Nelson
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To: Gibtx


He might be in jail next year, but Kerry will be in office if he manages to send the Dow down 300-400 points next Friday.

That will dominate headlines all Halloween weekend and crush Bush among the swing idiot.


They've been planning this for 4 years.. I hope Bush team has something ready to go.


12 posted on 10/22/2004 12:48:45 PM PDT by Josh in PA
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To: expat_panama

Will the DJI30 crack 9000 before the election?


13 posted on 10/22/2004 12:48:47 PM PDT by Doctor Stochastic (Vegetabilisch = chaotisch is der Charakter der Modernen. - Friedrich Schlegel)
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To: Pondman88

I hate to burst your bubble, but ALL markets are manipulated to some degree. Investment bankers make their money this way.

Yes, speculators could be moving the price too high. Only time will tell.


14 posted on 10/22/2004 12:48:56 PM PDT by Lord Nelson
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To: expat_panama
We had a cool summer in Connecticut.

I like my cold spells in the summer and my warm spells in the winter.

Accordingly, I predict a normal to slightly milder winter.

The bitter cold will blanket our "great" allies in western Europe.

15 posted on 10/22/2004 12:50:01 PM PDT by CROSSHIGHWAYMAN (Anybody but Kerry!!)
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To: sitewriter
Enviro-f*&#s won't let it happen. That idiot Arnold won't allow Californian drilling either.

Oil companies just have no friends. Hated by environmentalists. Hated by SUV drivers. Let's not forget oil companies provide jobs - real jobs - not tech jobs that were here today and gone - well in 2001.
16 posted on 10/22/2004 12:51:18 PM PDT by Lord Nelson
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To: Josh in PA; what's up
With investors reaping obscene windfall profits from 20 to 50 percent over the past two years, I'm having a really hard time understanding how the MSM can get away with peddling this 'stock market crash' story.

17 posted on 10/22/2004 12:52:04 PM PDT by expat_panama
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To: Lord Nelson

Oil markets are very susceptible to manipulaiton as NYMEX margin for oil is only 30%. Big money can move it easily...Soros has crashed other countries currencies and hates Bush enough to crash our market.


18 posted on 10/22/2004 12:52:39 PM PDT by Pondman88
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To: Doctor Stochastic

It's certainly heading that way. Eliot Spitzer is doing his best to make sure it happens!!!! We all KNOW which Presidential candidate that will help--and with the election this close, it could make the difference in the toss-up states!


19 posted on 10/22/2004 12:53:01 PM PDT by stockstrader
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To: Gibtx
SOROS ... WILL BE IN JAIL THIS TIME NEXT YEAR

Not if he's pardoned by President Kerry.

20 posted on 10/22/2004 12:53:56 PM PDT by newgeezer (...until the voters discover they can vote themselves largesse from the public treasury.)
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