I'm thinking along the same lines pretty much, except that it was released today that the Dems are getting some concessions from the Bush admin that are tweaking Wallstreet.
Bush has agreed in principle to giving the public an equity stake in AIG and it's subsidiaries in addition to it's assets, and apparently they're at least close to agreeing on a price of .35 cents on the dollar for the assets.
The only big sticking point I've heard about so far is the executive compensation limits. It's hard to believe that that's what the White House and the repubs would insist on as part of the deal as it would seem to be one of the least important monetarily but yet one of the most angering to the public who are adamant about paying these theives many millions out of the public coffers after creating this debacle.
So anyway, in light of the asset price and equity agreements that are tentatively a done deal, I think Wallstreet is going to continue to take stocks down further. A smaller up day in between wouldn't surprise me either though. That seems to be the pattern lately.
Oil had it's biggest one day move in history today. I doubt that will be met with anything but at least a small amount of profit taking. Besides the fact that it looks like today's price was at least partially artificially inflated by a short squeeze in the futures market. Options expired today and the shorts were scrambling to cover on the up move.
November and December futures are only in the range of $105 ish, and I've heard that a range between $110 and $85 will probably be about it for the rest of the year's trading in oil...barring any unforseen events of course. LOL
McBUSHIE'S choice of Palin was irresponsible, dangerous and insulting to America's intelligence. That choice and his continuing smears/lies prove he'll do anything to win this election even to the point of endangering his own country.DEFEAT HIM!
