Stock indexes remain choppy during this Friday’s Trade…Crude Oil is lower on the unemployment news with US running at 10.2 percent….Every analyst on TV has made the connection that with unemployment so high, there might be decreased demand at the pump.
The only people who don’t seem to pay any heed to this fact are the gasoline wholesalers/ or the owners of our friendly neighborhood Gas Station of Choice.. A two dollar drop today with the crude trading around 77 and change, or basically 5 dollars a barrel less than the Oct 21st high, has yet to show up here at the pump in the Midwest.
I filled up yesterday and paid 290 for regular 87 octane…
What I don’t appreciate is the gas stations running out and jacking up their prices overnight when crude rallies a dollar or two, but being so, so slow to lower their prices when we have a 5 dollar drop in the oil.
Am I the only one who notices this? And we all have the stations we know are always, always a nickle or so higher… Anyhow, just a pet irritation of mine…
For the rest of the year, I see sideways to higher trade, with the Dow around 10,000 and the S&P trying to run up to the 1,100 level… I know there has been talk of a potential head and shoulders top on the charts in the SP500, but as usual, when they are talking about in on the cable financial shows, it doesn’t pan out. If it did, then all those people smiling and yelling at you would be sitting on a 100 million dollar yacht some where, and they wouldn’t be renting it for the day…They would own it, and be making plans to build a bigger one.
Good Trading