17
Sep
Wrap – Week Ended 9/16/11
Comments TBA....
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Daniel Yergin of Cambridge Research sings his old tune, but adds a few interesting points.
He does not take into consideration the decline of Ghawar, or Offshore Mexico, nor does he give credit to the demand growth of Asia.
http://online.wsj.com/article/SB10001424053111904060604576572552998674340.html?mod=WSJ_hp_LEFTTopStories
September 17th, 2011 at 8:37 pmOT: Compelling article by Mike Lofgren, “who retired on June 17 after 28 years as a Congressional staffer. He served 16 years as a professional staff member on the Republican side of both the House and Senate Budget Committees”:
http://www.truth-out.org/goodbye-all-reflections-gop-operative-who-left-cult/1314907779
http://www.nationaljournal.com/daily/the-quiet-staffer-who-went-nuclear-on-the-gop-20110911
September 18th, 2011 at 6:18 pmElduque..thought of you.
September 18th, 2011 at 7:04 pmhttp://www.bloomberg.com/news/2011-09-18/hedge-fund-heavyweight-boxer-sees-gold-gains-reaching-2-200-commodities.html
Futures soft early evening, overseas markets peeling back late week gains.
September 18th, 2011 at 7:07 pm#4 Tight Spot
1197 Minor Resistance
1194.75 Minor Support
1187 Minor Support
1180.25 Support
Pretty thin pickings for support until the composite low volume area around 1187…if 1194.75 gives way…
September 18th, 2011 at 8:02 pm#2-Thanks, Bath-this from a GOPer-jeez-(late Sun nite OT rant) this country really is screwed-keep reading pieces about the necessity of a third party (candidate) but those efforts usually fall short-especially now, can’t raise the billions plus needed to compete-noted interesting factoid: Carter-Ford election in 1976 and Carter-Reagan election in 1980 was financed only with public funds from tax return checkoff-no special interest money-special interest money is destroying or has destroyed the political system-look at the “change candidate” we have now, his economic team Summers (since departed), Geithner, Rahmbo now Chicago mayor-heh), now Daly are all agents of the bankster/Wall Street financial oligarchy-again, this country is really screwed.
September 18th, 2011 at 8:48 pmSSN -added to the S&P ASX 300 as expected per Friday’s comments/move in the name.
They’ve also got an update on the tape tonight, expect to be at TD on the Defender well by Tuesday.
Spudder rig has drilled their second well, Spirit of America, to 2,230′ and surface casing has been set. This is the conventional target, vertical well to follow completion of work at Defender,
The truck mounted spudder rig is rigging down now to move to a 3rd location 3.5 miles west of the Defender well, Constellation (their 2nd horizontal Niobrara test). SSN is carried 100% in Defender and depending on the outcome of that well, HAL can opt to participate (carry SSN) in Constellation as well.
September 18th, 2011 at 9:13 pmre 7 – my bad, Constellation location is outside the area in which HAL can opt in to the well, they will choose another location at a later date. Expecting Defender to be an early October completion.
September 18th, 2011 at 9:42 pmFWIW: Fairly interesting site to assist in calculating number of puts needed to hedge a portfolio:
http://www.cboe.com/Strategies/IndexOptions/BuyIndexPutstoHedge/Part7.aspx
September 18th, 2011 at 10:38 pm