The Stock Market and Falling Oil
I said in a post in June, Oil and gas prices increase and no relief in sight, that oil would continue its rise and we would continue to feel the pressure as consumers. Now this happens and it make me look like a liar … or does it ? In the article one analyst states that just because oil has dropped from its high of $147 to $130, does not mean all our fears have been cured and we can get back to partying like rock stars. In fact towards the end of the article the author mentions that the AAA report average still holds at $4.114. And I second this as know of the gas stations have lowered their prices either.
What does this mean ? I think part is as mentioned int the article the market movers our taken some of the huge gain they got in the run-up of oil futures and buying stocks that have been crushed. For instance , Bank of America ( BAC ) , was up $3.83 at closing. Not surprising considering it still trades for $5.00 below book value. I think the other side of this is the price has to come down so they can move it up again.
Finance.Yahoo.Com – Click for Complete Story
So my strategy remains, pay off debt, and buy good stocks at a discount. Race you to a million.
-= Matt
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