Commodities like oil, palm oil, gold , etc have been plunging rapidly though the DJIA is not in a short rallying mode. Last Friday's rally probably comes from the fact that oil prices have been on the downward path and gives an impression that oil is the main culprit for the sagging US economy. Oil will be probably down a few more day with "good" news released over the weekend such as shown below.
Iraq: Saddam-era oil deal with China expected to be revived this month, oil minister says
BAGHDAD (AP) -- Iraq and China are set to revive a $1.2 billion oil deal that was canceled after the 2003 U.S.-led invasion, the Iraq's oil ministry said Sunday.
An initial agreement with China is expected to be signed at the end of August to develop the billion-barrel Ahdab oil field south of Baghdad, the ministry said in a statement.
Mr. Market ignored the fact that the financial sector is still wobbling from alot of bad debts that it digested. (subprime is still a big issue after all)
The notorious twins, Freddie and Fannie have just announced that their quarter loss have been around 3x from what is anticipated from the analysts. Swiss banking giant UBS AG agreed Friday to buy back nearly $20 billion in auction-rate securities from investors, a day after Citigroup Inc. reached a similar settlement with regulators for $7 billion as part of a wide-ranging investigation into the collapse of the market for the bond-like investments.
Don't think this mess will clear soon, so I am preparing to short again this short stock rally. All is not that rosy yet..no silver lining yet.
Iraq: Saddam-era oil deal with China expected to be revived this month, oil minister says
BAGHDAD (AP) -- Iraq and China are set to revive a $1.2 billion oil deal that was canceled after the 2003 U.S.-led invasion, the Iraq's oil ministry said Sunday.
An initial agreement with China is expected to be signed at the end of August to develop the billion-barrel Ahdab oil field south of Baghdad, the ministry said in a statement.
Mr. Market ignored the fact that the financial sector is still wobbling from alot of bad debts that it digested. (subprime is still a big issue after all)
The notorious twins, Freddie and Fannie have just announced that their quarter loss have been around 3x from what is anticipated from the analysts. Swiss banking giant UBS AG agreed Friday to buy back nearly $20 billion in auction-rate securities from investors, a day after Citigroup Inc. reached a similar settlement with regulators for $7 billion as part of a wide-ranging investigation into the collapse of the market for the bond-like investments.
Don't think this mess will clear soon, so I am preparing to short again this short stock rally. All is not that rosy yet..no silver lining yet.
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