08
Nov
Wrap – Week Ended 11/06/09 (In Progress)
Hurricane Ida heading into Gulf of Mexico
1) Last Week Was Remarkably Homogeneous For Energy Equities Relative to the Broad Market. Boring. Computer, not news driven. The phenomenon of buy the rumor, sell the earnings, buy the earnings day 2 continues. Yawn. Annoying and relatively meaningless. The E&Ps were long largely did not disappoint on earnings or operational updates with WLL and HK on the high end of the bar, BEXP in the middle and SD bringing up the rear (longer term good stuff there though).
2) Oil Did Nothing Despite Large Gyrations. Somewhat bullish looking data was trumped by wild swings in the equity markets and a dollar that won't quite die. Expecting a more solid week this week with a possible tropics related surge as S&P earnings come to a close and the deluge of economic data is largely past in what promises to a quite week.
... more comments in a bit ...
http://www.nytimes.com/2009/11/08/us/08victims.html?hpw
No comment really necessary or appropriate.
November 8th, 2009 at 2:52 pmIs Ida headed for refiners?
November 8th, 2009 at 10:19 pmIt looks more of an easterly track at present, should weaken to a Cat 1 prior to landfall east of NOLA.
November 8th, 2009 at 10:21 pmhttp://weather.myfoxtampabay.com/maps/WTVT/custom/storms/ida_track.html
November 8th, 2009 at 10:21 pm