ajtj99's Market Pulse

[otraque]

i think we do have an exogenous factor here, if storm misses the Hot Spot by not coming in just south of Galveston and thus minimizizing damage then we get a strong relief rally( and making your -400 bottom likely) but if it hits just south of Galveston i do not think we will get a post Katrina rally as this would be a 1-2 punch like never delivered to the U.S. at anytime in its history, in fact their would be no 1-2 punch ever even to compare, i simply don't think PPT could counter the negative.
But we are up in a tense area zone of uncertainty--we just don't know yet.
But i am just seeing latest data on Rita and am stunned to see this storm meaured on low pressure is stronger THAN Katrina or Camille, these had pressure in 906MB area, RITA is now measuring the third lowest pressure of all Hurricanes in history, whether they had landfall on U.S. or not---last reading 897MB---the NOAA have rightly brought in all terms used with Katrina---a storm of Catastrophic potential and now NOLA area is saying they can not withstand rains above 6" inches.
One thing is weird and disturbing, both these storms have formed rapidly into historic monsters back to back and are NOT Hurricanes spawned in the Atlantic Hurricane lanes between us and Africa.
They both just 'popped up' from nothing to Tropical Depressions south of Bahamas.
Category 3 the lowest projected range at landfall now.
I do not see Houston itself a catastrophe but if it stays on course the whole immediate coastal area is up against a major storm--at this point the biggest storm ever to hit Texas.

4 refineries have been shut down thus far.
*************************************************************
For the record,the rate of major storms are escalating( this is a from a very recent study), we have grounds, just grounds, to wonder is a Category 6 in our future.
Hollywood is probably already working up a movie title CAT6, that has landfall in the Chesapeake Bay--aaargh.