Hi Elmat, I can be wrong, and events are certainly beginning to look that way, apparently, and we will soon find out for certain, in a few hours, to see if the US variety of investors are as rational as HK family of speculators.
HK market went down 0.6% today, and the Chinese oil firms went down 4-5%, on the one hand not believing that Saddam's capture will matter, and on the other hand not trusting that the Chinese oil firms will be able to buy cheaper international oil to sell at dearer domestic price.
Japan gamblers did the opposite of HK speculators, and Tokyo market went up 300 pts which is quite a bit (3%), and so the Japanese must be wrong, as is the case more often than Jay being wrong :0)
Gold did next to nothing, and thus giving no pleasure to eager bargain buyers.
Currencies did about as little as gold.
A puzzle all around, but, we must not fight the market, but go with the flow.
In a few hours, we will have a preliminary answer.
The financial market's tepid reaction so far to Saddam's capture has been disappointing, perhaps waiting for NYSE leadership.
Chugs, Jay |
