At 8:45 a.m. ET futures are moderately higher and the price of oil per barrel is down. The market is poised to open higher.
The market as far as I can tell is still in a correction mode. We could have a reasonable day today, maybe, but let's string together several in a row before any pronouncements are made. Energy stocks are taking it hard and this is the result of billionaires screwing around in world markets bless their little tiny blackened greedy souls.
CNN: Stocks: 4 things to know before the open
Looking at commodities, oil prices are declining and gold prices are rising in early trading.
Most Asian markets ended with losses...
2 comments:
Hi oil prices for yrs. powered a drilling boom which powered ( no pun intended) a glut of oil, which is now causing a classic market correction, add to this that in all these yrs. of high prices more and alt. energy has come on line and just about everything is becoming more efficient ( except Congress of course.) I wish the high prices would stay in place for another 5 to 10 yrs. because it would drive the conversion to alt. energy even faster. Now my geuss is prices will fall by another 20% or more before things reverse. Cheap gas and oil is bad for the planet and everything living on it. This would be a good time to slap on a carbon tax fast while prices are low. Fat chance of that ever happening.
Personally I believe the price of oil will eventually rise. I got no crystal ball, but it will.
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