What an absurd conglomerate of people we are, making a holiday out of poor fashion sense.
Stocks are set to dive lower today, as oil defies every notion of mercy and sports at $34 handle.
Watch very closely as highly leveraged oil companies start to buckle under. It’s amazing to see names like UPL at $2, going lower. This is the 9th inning for 80% of these speculative oil and gas names. Some of them were building empires, were going to be great American comrporations that intended to employ thousands of people for generations to come. But they couldn’t take the heat in the kitchen when it got hot. They couldn’t hold their butter, manage through the hard times; now they’re going away.
I’d like to think we’re going to bounce soon. It’s hard to make reasonable predictions at the end of the year, a terrible year, where investors are fleeing for the exits, takimg tax losses, etc.
Prepare yourselves for the worst. Go sport a really ugly sweater, get drunk, then fall down a flight of jagged stairs.
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http://video.cnbc.com/gallery/?video=3000467301
Chanos says oil is toast … in 15 years; therefore, if you’re an oil producer/producing nation, you best pump all you can while oil is still worth something
Great Faber photo
2016 will be his year
Gentlemen prefer cardigans…
In regards to oil – something squirrely has been going on. In looking at the Arab Spring, much of it has involved gas. Remember how that has pipeline in Egypt kept getting wrecked by Obama’s ISIL a few years back. They have up fixing it, and Egypt just entered some big agreement to get a bunch of their gas from…. Israel. Ukraine? Now a Biden sits on the board of that Ukrainian gas company. Syria? Saudi Arabia and Qatar trying to cockblock the Iranian pipeline that was in the works, and instead pave the way for Qatar gas to Europe. All of our coal-fired power plants are being converted to what? Gas. Hell, my Pennzoil Platinum synthetic motor oil is made 100% from Qatar gas and imported by Shell. There is a multi decades plan to get the world converted and reliant on gas….. and then the squeeze will be on. Believe that.