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August 26, 2005
Dumping oil, Fri., August 26, 2005, 2:32 PM
In recent minutes, there has been a dumping of oil contracts, plunging over $1.00 (now down -$1.34 on the day) and the Dow 30 has immediately strengthened as a result (but still down on the day). The USD has also strengthened, as we see here from the Euro in USD chart.
This was a last minute play in the oil futures market (now closed) that equity traders have to ignore.
The Dow 30 is still headed south. With 90 min. to go in the week, the Dow is down about -28, but I think it'll close down over -50 pts on the day, and about -160 pts on the week.
Posted by Posted by Bill Cara on August 26, 2005 02:32:30 PM | Category: Cara Today in the Market
Discourse
Bill-
Nice call.
Posted by: Mark at August 26, 2005 4:04 PM [link]
Will the "Cara-Bears" be set free to hunt or is further restraint in order?
Posted by: Mark at August 26, 2005 4:26 PM [link]
Hey guys, if you're used to watching people paint the barn door, don't be so surprised at the work of a master artist. ;-)
hahaha
Posted by: Bill Cara at August 26, 2005 4:29 PM [link]
Congrats Bill. DOW closed down 53 points for the day. KA CHING.
We await your new perspectives.
Posted by: tifosi at August 26, 2005 4:04 PM [link]