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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Crimson Ghost who wrote (55123)11/20/1999 1:55:00 PM
From: BigBull  Read Replies (2) of 95453
 
George, re y2k v the poos. I am assuming you are referring to the action of "speculators". You could be right. But still, if there was actual "hoarding" of oil, one would think at least some it would show up in crude stock stats. As of last week, US crude stocks are BELOW the average operational range for this time of year. I suppose some tankers could be sailing in circles somewhere in the Atlantic, but there is no hard evidence of this. If you could supply FACTS to support your contentions then I am more than willing to listen.

An equally strong case could be made that traders are looking at the production, supply, and demand numbers and coming to the conclusion that they better get to the party before the refiners HAVE to.

The whole problem I have with the y2k thing is that it's effects are utterly un-quantifiable until the actual event. This allows pundits incredible freedom to just make stuff up. The y2k fringe people told us that we would start seeing effects long before the actual turn of the clock. The reasons cited were that State and local govts operated on a different fiscal year, same deal with some utes. So far, it's a big no show. Sorry George I gotta be from Missouri on the y2k thing as there are plenty of fundamental data out there that support current price action in just about any indicies you care to mention. IMO y2k in the great grand Deus ex Machina of bearishly oriented pundits who simply refuse to believe that the "Great Bear Market that never was" didn't go down last OCt.

JMVVHO

Bull
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