A natural disaster was stiking the U.S. yesterday, destroying homes and lives, not to mention the oil supplies, so what does wall street do? Bid the market up to show they could care less about what happens, as long as its not happening to them. Times like this, the market shouldn't go up or down, but just trade flat and access later. You can bet your ass they wouldn't be bidding stocks up if NY and Jersey was being hit and their homes being destoyed. I've seen these first hand, and the news doesn't do any justice to the damage. We won't mention the lives lost, but if it was in NY. we are all supposed to grieve but since its elsewhere, they don't give a rats ass. I guess I'm partial because I know a lot about that area, but it won't be pretty when the real damage is seen. But hey, lets bid up IBM and show the world, nothing can stop the bulls on wall street. Gas will go up .20 this week alone, but don't worry, companies now have an excuse built into their qrt reports for the rest of the year. I can hear amat now telling us how Katrina slowed down consumer spending and caused companies to hold off on that 10% order growth. Just venting, but hate it when markets go up on arrogance, just because they can. Even hype tv couldn't explain it yesterday, all of them bewildered, and thats saying something, but one guy did say it went up because the market was oversold. How is it oversold when 99% of the funds are fully invested ? The loop in New Orleans is crucial to the oil supply, so this should send oil to the highs, which we need to go ahed and get it over with, but $3 gas wouldn't surprise me
Don't worry, they're touting 26BB in losses and expect that figure to rise, that's why its good for the economy, we'll spend money to rebuild. Let's see, insurance dollars, fed aide, gas will go over $3 here this week, nat gas soaring, I thought it would be free to the rest of us.
But just think of all the chips they'll need to rebuild, all those computers lost and the chip equip they'll have to buy to fund the rebuild efforts, LOL.
People just don't realize what part the Miss. River and this system of ports plays to the US economy, not to mention the oil business, but hey, the excuse is in place. Damage looks bad. I went thru a lower class 3 hurricane in 83. I lost 15 trees in my yard , was without power for 10 days, and I lived 65 miles inland. There is no telling what this storm did, because they can't even get the camaras to most of the ares yet