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Royal Bank of Scotland to investors: 'Sell everything'

Discussion in 'Sports and News' started by Dick Whitman, Jan 12, 2016.

  1. Twirling Time

    Twirling Time Well-Known Member

    Oil is crashing and burning today. WTI is down to $29.50 per barrel. Hasn't been that low since 2004. Sounds like lots of room for it to fall, too.
  2. trifectarich

    trifectarich Well-Known Member

    If you take all the sales of all the companies in the S&P 500, what comes from China is less than 3 percent. So while I can understand China's impact on this "global economy," to me, it's overblown as it relates to American companies.

    I guess I can't argue with those people who say Saudi Arabia's No. 1 goal in all this is to put a major hurt on the oil industries in the U.S. and Canada. I love low gas prices as much as the next person, but it appears our energy strategy is to sit back and do nothing.
  3. Michael_ Gee

    Michael_ Gee Well-Known Member

    A policy of "oil prices must go up" would not be very popular with the motoring public.
  4. trifectarich

    trifectarich Well-Known Member

    You're right. I didn't think I could detest OPEC any more than I did when gas was $4 a gallon. Maybe I was wrong.
  5. Ace

    Ace Well-Known Member

    I wonder at what point the big oil companies decide to seriously diversify into alternate forms of energy. Or maybe invest in the lottery or something.
  6. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    No one will ever be able to come back and say Ragu was right or wrong cuz tl;dr
  7. trifectarich

    trifectarich Well-Known Member

    For a long time I've thought that 50 years from now, long after I'm gone, there wouldn't be a need for the corner convenience store because the cars wouldn't be running on gas. It's never made any sense to me that the fuel we needed in 1910 would still be used 150 years later.
  8. The Big Ragu

    The Big Ragu Moderator Staff Member

    U.S. equity futures have had another rough go of it overnight. Unless something changes in the next few hours, there should be another gap down at the open today.
  9. The Big Ragu

    The Big Ragu Moderator Staff Member

    Pretty big selloff on. The S&P 500 just took out a key technical level -- 1814, which was the October, 2014 low. That is triggering some algo selling. If it doesn't hold here and/or bounce today, 1770 is probably the next stop on the bus.
  10. The Big Ragu

    The Big Ragu Moderator Staff Member

    It bounced off that 1810 - 1815 level and is sitting above the lows on a little mini-rally within the selloff—with about 2 hours left today. I think the worst is probably over for today, but I wouldn't make a big bet either way. Volume has been heavy today, but the VIX (volatility index) is not at very extreme levels, which makes me think this isn't a washout -- meaning, there will be more sometime in the future, if it holds today.
  11. heyabbott

    heyabbott Well-Known Member

    Our local grocery store gives 1% of your sales as points towards gas at Shell. $100 = 100 points = .10 cents off each gallon on a fill up. Due to medicine we've had to buy and groceries I had 600 points. Bought gas for $1.26 yesterday 16.5 gallons for less than $21.00.

    Consumer wins, car dealers may win but everyone else loses. Revenue down. Oil exploration is getting killed. Gas companies need gas near $3.00 a gallon to make drilling (drill baby, drill) feasible.

    I remember the gas shortage of 73-74 and the second one a few years later. Rationing, near hyper-inflation that accompanied huge spikes in gas prices. We were told everything was made with petroleum products so everything was going up in price. Nixon's wage and price controls and OPEC was our new overlord. The beginning of the Republican Party being a wholly (holy?) owned subsidiary of the House of Saud. I remember the Saudi Princes gleaming with joy telling Americans that our time was over, it's all over for the USA. Then came Japan, Inc. And we were told that the Japanese were going to be leading the world, they had management figured out and we now worked for them. Then China came along and we were told that 1.6 billion can't be wrong, learn Chinese or perish.

    'Murcia, we're still here, at least until November
  12. The Big Ragu

    The Big Ragu Moderator Staff Member

    The reversal in U.S. equities this afternoon has been stunning. With about 1/2 hour to go in the trading day. The S&P 500 bottomed out at 1812 @ about 12:30 pm. It has ripped up just in the last half hour. Now back just below 1875, not much below where it closed yesterday. It could end up positive on the day with a big last half hour. The move in the Russell 2000 has been even more stunning -- it's the biggest intraday move in 7 years. The Dow Jones index was down between 500 and 550 points at midday. It is sitting down just 130 points right now with about a half hour left in the trading day.
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