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Technology Stocks : Semi Equipment Analysis

SOXX 328.78

+2.9%

Jan 9 4:00 PM EST

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To: sixty2nds who wrote (27045)	11/21/2005 1:42:44 PM
From: sixty2nds	Read Replies (1) of 95703

07:13 Oil's 2-Month Fall Leaves Traders With Worthless Bets -- Bloomberg.com Bloomberg.com reports that crude oil may extend a two-month decline as concern about shortages eases, leaving traders who bet on $100 oil with near-worthless investments. Exxon Mobil (XOM) Chairman Lee Raymond told a U.S. Senate hearing on Nov 9 that prices have probably peaked. Boone Pickens, a Dallas hedge fund manager who more than a year ago predicted oil would reach $60, says he expects prices to drop toward $50 a barrel as record prices lead to lower demand. Crude for December delivery traded at $57.80 a barrel in New York at 1:47 p.m. Singapore time. That's down 18% from a record $70.85 a barrel in August, when Hurricane Katrina struck the U.S. Gulf coast and shut down about a fourth of U.S. oil and gas production. Hedge funds, often blamed for soaring prices, have their biggest bet against oil in 2-1/2 years, selling $3.2 bln of futures contracts in New York, according to data from the Commodity Futures Trading Commission. Lower prices are easing pressure on bankrupt airlines such as Delta Air Lines, while signaling an end to surging profits at the oil companies.

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