Prague Twin

Thursday, July 13, 2006

Getting Ugly

Yesterday I did an economic report because I thought we were at a significant point.

You be the judge.....

Stocks tumbled near midday Thursday, extending the previous session's slump, amid record oil prices, geopolitical unrest and concerns about corporate profits.

SINGAPORE (Reuters) -- Oil surged past record highs and into $76 territory Thursday as worries over lower U.S. crude stocks were underlined by increased tension in the oil-rich Middle East and suspected explosions at a pipeline in OPEC exporter Nigeria.

All you investors out there, time to cover up a little.

UPDATE: The dow closed down 175 points making the two day drop 288 points. Evidently, someone on Wall Street noticed that a war just broke out in Lebanon. Currency markets are remarkably unremarkable. I think everyone is waiting for the BOJ decision on Friday and the G8 over the weekend. Has anyone else noticed how bad the G8 has been for the dollar lately?

Did I say 10,700 in a month? Wow, two days later and we are half way there. Better hope for some bounce next week. See if the market can at least stabilize tomorrow. It is in virtual freefall right now.


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