Rande: my references to cries of pain referred only to the fact that I expect I'll see more than a few posts this week complaining of losses, manipulation, doodoo-head analysts, etc.
Pretty much agree with your assessments. I expect some bigs to take hits, like INTC, but generally, earnings should be fine.
And oil? It's an interesting bit of political play, in my view.
Clearly, the Saudis and US oil cos hold the upper hand. Gore runs with a Jewish man (no bias here) which might be viewed with concern in Arab nations. Versus Big Oil's boy, Dubya... and they know putting the squeeze on the economy might help him get elected.
And we worry about minor mkt manipulation!
Here's my take on it: Like him or not, Clinton is one of the shrewdest political animals to come down the pike since Nixon. He's well aware of the game.
Look for some Big Oil bashing in October. Look for initiatives to add to the Strategic Oil Reserve and for energy assistance, from Clinton and/or Gore.
And bet on furious negotiations underway with the Saudis. It may well be that the oil pressure will persist till Election Day, if the Saudis don't act sooner.
But I suspect we'll see this addressed within 3 weeks.
A Justice Dept move to investigate Big Oil might do it.
In the meantime, alt energy stocks will dip and run some more.
Best of luck to ya;
Kevin |
