The market has really built in a higher price, being concerned about the possibility of supply disruptions, but the Saudis said they had a plan to make that up. The market is warily eyeing what's going on, and at the moment it's saying there's enough excess capacity, so supply is not a major issue in the short term. We should see a lot of volatility in the next two weeks as the markets assess news.
More Quotes from Kate Warne:
I think that the market is in a wait-and-see mood to see whether there is any direction in Friday's reports.Kate Warne
Cost saving is a big piece of what oil companies have to do. This is a commodities business, so the companies that do it best are the ones that do it more efficiently.
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Basically, all of the companies that have been doing the best this year, in terms of the major leaders, the large caps, really saw a big pull-back today.
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I expected today was going to be pretty choppy, ... We were again seeing a real conflict within the tech sector between people who believe values are low enough to buy and people still concerned about (possible) announcements of slowing growth, that the economy was coming in for a hard landing and nothing but bad news would be coming out.
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I think the market is a little nervous because Greenspan talks tomorrow and everybody is expecting him to give an indication of how much of an increase we'll see next week.
Kate Warne
You have one of those people who everybody watches for signs of bad news saying things are good, and I think that certainly helped,
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