Independent, Fee-Only Financial Advisor

Independent, Fee-Only Financial Advisor

Wednesday, August 30, 2006

Oil Relief

Ernesto is making its way through Florida. While that is bad news for Floridians, it's good news for the rest of us. It means the oil rigs of the Gulf of Mexico are safe... for now. Added to this, inventory for oil is up. Does that mean demand is down? Or is the supply more than normal? Hmmm. Whatever the cause, oil prices have dipped below $70 per barrel, and pundits are saying we may go back to $2 a gallon gasoline. Say it ain't so! Wall Street responded, on the large-cap side, with a yawn, while techs added more than 1/2% on the day. It's left me scratching my head. What a strange day. Dow +12.97 NASDAQ +13.43 (up 0.62%) S&P 500 -.01