We have a slew of marketing data coming in this week. What do you guys think the outlook is? Is it going to be rocky like last week?
The traders almanac forecasts about a 60% chance of a bear day tommorrow based on historical data. September has classically finished poorly. Its not a big deal. Since 1998, October has been very bullish. My bet is that tommorrow will be a rocky day. HOWEVER, a news report I just saw says that oil went down under $60 in Asia. This is very key. For the last year, many companies have blamed poor earnings on the rapid price increase in oil. I am betting that this will be bullish news for the market. Well, we will see. . .
Yea, it seems like a toss-up. In terms of my portfolio, about 10% is in an Oil Refinery. Another 7% is in metals. While concerned about these stocks, I still believe Oil and Gold will rebound before the end of the year. Oil is so touchy; one blip from the PLO, Syria, Iran, Iraq, Nigeria, things can definitely turn it around. I would be surprised to see Oil go down below 60 a barrel today. It should be interesting to see what happens.