Basic Economics: 1. There is an increase in oil stockpiles. 2. The price of oil is going down. 3. The Anti Investment Party just won control of US Congress-watch for anti Oil company legislation. The oil companies are the populists favorite scapegoat. 4. The short term interest rate is going up pushing up the dollar and putting pressure on the equities.
This doesn't alter the fact that CVX is a great company to own long term. Buy on dips. It is dipping a little-or to put it another way the shares are going on sale. Watch for the bottom and buy more.
Can anyone speculate as to what might have caused the dollar drop? I am glad its back up over 70 for now, but was wondering what market situation might have caused the drop. Something i could look for in the future regarding other stocks?