Quote of the day
September 2, 2008
This gave me a chuckle:
“In this market, you need a meteorology degree to trade,” said Jack Ablin, chief investment officer, Harris Private Bank. (MarketWatch)
The CIO is referring to the drop oil prices took today after expectations of Gustav disrupting oil facilities in the Gulf of Mexico failed to pan out.
Back when Dolly formed, I commented to a co-worker “Yep, nothing like a storm in the Gulf to rally oil prices.” As was the case this time around, the rally was short-lived.
A few posts back I mentioned annoyance at people in the broadcast media talking up the probabilities of Gustav becoming a category five. One of those people was on via the business side of one of the news networks (I believe it was Fox). I was waiting for a blurb to come up saying THIS TRADER IS GETTING HIS FACE RIPPED OFF IN THE COMMODITIES MARKET AND BADLY NEEDS OIL TO RALLY. Alas, viewers received no such enlightenment.