Oil Drops $100 In 4 Months
Stocks gained some of yesterday’s losses – ending up 270 points. Just trading moving the market today.
Bonds continued their record breaking increase in value – but only a little gain today.
The Dollar fell a little today, and gold gained back some of yesterday’s loss – based on the stock market movement.
Oil and gasoline were the BIG MOVERS today with oil dropping below $47/barrel. This is over $100 drop in price of oil in the last 4 months. Would you have bet on this big a move?
In the news today….
No news today except the Big 3 Auto Manufacturers begging for money. Congress seemed like they support the idea, and stated they didn’t want the auto industry to go into bankruptcy. My interpretation of this stance is that Congress doesn’t want the unions to have to take a big hit in the auto industry, and is protecting them somewhat. I believe this is short sighted because it doesn’t address the imbalance of wages between the Big 3 and all other auto manufacturers in the US (mostly in the South).
If my analysis is correct, the Congressional decision might just delay the inevitable – and this is common for Congress to make a trade-off that delays the pain. They can get more votes, but at what cost? Remember that you pay ALL the bills in Congress. Are they representing your interests the way you want them to? If so, tell them so. If not, them them so. Become engaged citizens and make your voices heard on all key issues facing the US right now. You can easily send messages to Congress via their website.
Here are Today’s numbers:
Dow Jones 30 Industrial – 8419 (up 270 points)
10 Year Treasury Bond – 2.69% (down 0.03%)
Euro – $1.2720
Gold – $783 (up $7)
Oil – $46.96 (down $2.32)
Gasoline – $1.06 (down $0.05)
