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Politics : Idea Of The Day

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To: napoopoo1 who wrote (33280)	9/20/2000 5:21:16 AM
From: GROUND ZERO™	Read Replies (1) of 50167

>>Wouldn't you expect more of a pullback somewhere along here in this complex? What effect will government jawboning have?<< Sure, I would expect more of a pull back in the Crude Oil and its derivative markets under normal market conditions, but I think these markets are now bordering on a runaway condition... jawboning of any type doesn't typically have any real effect on any market, it never does... oh, it might have some effect for the day, but nothing meaningful... there are numerous instances where the European central banks have tried to talk their currencies up and down, but all their talk only aggravated the market and accelerated the rise or decline of their currencies in the past... why, the best example of this is OPEC just last weekend... look at what happened when OPEC had their weekend meeting and announced that they'll produce 800,000 additional barrels a day... the market opened lower the next morning but closed sharply higher once again... also, I believe that there are many traders that are short these markets and are only praying for a pull back to cover their losing positions... we may be looking at a short squeeze here as well... Fundamentally, the weekly distillate reports have been incredibly bullish and to make matters worse the U.S. Weather Service has now predicted the coldest winter since 1978... all these factor don't make for much of a pull back for any of these energy markets.....IMHO GZ

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