Friday, July 10, 2009
I'm running way behind and it's only 6:40 so I'm glad it's a quiet day so far. Yesterday's market action made me want to ignore the market until Labor Day, as my eFriend SkiSteve was planning to do. I may have helped dissuade him from that course of action so I'm going straight to hell for sure. Either that or I'm right and whenever this choppy do-nothing-bias-to-the-downside action ends we get a sharp move higher.
In case you didn't notice, oil is below $60 again. Since I am not in the camp that the price of oil futures have anything to do with investors' views on economic activity, I like it. Not the commodity, the fact that it's going lower.
It feels to me as though it wouldn't hurt GM to spend a little more time in bankruptcy protection. Could they possibly have fixed it that quickly?
Got to run. I might have something intelligent to say later.