June 18, 2008 = Black Wednesday

[naufal]

in reality... oil went down as institutions sold off due to the usd/eur rally... remember the big dogs buy oil as a hedge against currency weakness.

people shorted into the sell off, justifying it to themselves with the chinese news, which is minimal and actually is inflationary (which oil is a hedge against). watch institutions buy back oil tomorrow as the dollar dropped, shorts cover, new longs, oil breaks out tomorrow and s&p goes down big.

 

[naufal]

today's the day. either oil jumps up huge and the market sells off huge, esp financials, or i'm wrong.

 

[Lucrum]

Quote from naufal:

today's the day... or i'm wrong.

You going to keep saying this every day

until your right?

 

[naufal]

naw, i said wednesday would be the day, and if not wednesday, then thursday or friday. if i'm wrong today, i'm wrong.

 

[carneymichael95]

Any sense on the real effect of high prices at the pump and credit card company profits. Apparently some convenience stores are no longer accepting ccs. Will this trend continue and if so what does it mean for the cc companies?