Whoever got together to drop oil $2 in 1 minute will be back by days end driving it up to 120 by tomorrow. I guess this proves once and for all that is was Specualtion and low margin requiremnts. CLR is only down 1.50 that is very very good.
"So reed, you think CLR trading flat into a hurricane is bullish for the stock?"
I think weather has very little to do with the price of this stock. I think it is mostly hype along with other factors widely discussed here on the board as to why it was bullet proof because of the inside ownership and small float. Don't forget the increasing demand for oil in China and India, that was good. Earnings were going to be a blow out and drive the price per share to the moon. I think it is all meaningless.
All those things are true yet the stock still got cut 55% in just 21 trading days. The stock of this great company just got way ahead of itself. From $24 to $84 in 3.5 months. It went down just as steep as it went up only faster.
To me its simply price and volume. It is trying to find its' true value and appears to have made it's lows in August. Now the trend appears to be stabilizing. I have a buy in at $49 but I will go with the flow.
Where I grew up we had hurricanes every year and life went on. We still bought heating oil and put gas in the car.
So the Dollar BS and the IEA BS and George Bush saying it will be a NATIONAL EMERGENCY and wil reasle reserves to help McCain so oil won't hit 130 a gal for Repub COnvention. It still be up over a buck by close.
Bush/McCain/GOP allies throughout the world are just beginning to help McCain. They're just warming up; note the stronger than expected durable goods orders yesterday. Watch what happens between now and election day.