KB that ugly OSX candle may be due to XOM.
Before the close today CNBS Maria was interviewing the XOM chairman. I could not believe what I heard from him ... in short, he said there are no fundamental problems in obtaining more crude, nor problems in the global supply and demand for crude to justify today's prices. She asked him about using XOMs billions in cash to acquire other companies with reserves. His answer, no they are all too expensive right now, so he would hold back until prices were at their bottom. Twelve minutes later, the majors, e and p, gassers, and most of the sector dropped like a rock, and ran a lot of stops on the way down. After hours, some are up, but most likely that is simply short covering.
It may be we are at a top here, but I thought that at $30, $40, $50 also. Best to all for many years of a great board, from a long quiet lurker. |
