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Markets on Wild Ride Today

We're kind of glad we didn't have time to do a market opening posting this morning, because it would have proved meaningless by midday.

Futures pointed to a sharp drop, which the markets provided out of the gate. But then, as if on a trampoline, they shot back up and recovered their opening losses before 10 a.m.

They continued their climb and crossed into positive territory just before noon and didn't stop until marking a 1 percent gain just before 1:30 p.m., before backing off a little.

As of 2:40 p.m., the Dow is up about 65 points, or 0.7 percent.

The S&P 500 is up 0.6 percent and the Nasdaq is up about half of 1 percent.

The markets were led upward by energy stocks following the government's report today on crude inventories, suggesting an increasing demand for oil.

-- Frank Ahrens
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By Frank Ahrens  |  August 19, 2009; 2:45 PM ET
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, oil, s&p 500  
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Comments

"Oil prices spiked Wednesday after the government reported a huge draw of crude oil from US stockpiles." That was dumb. Create more volatility as if things aren't already volatile enough.

"Hedge funds come at the market from a “different direction” and “have become increasingly sophisticated,” JP Morgan’s researchers argue. McKennitt, of the U.S. National Association of Petroleum Investment Analysts, says these funds use sophisticated trading techniques but are not interested in “the fundamentals.” No one knows how much money has gone into the market from hedge funds, which account for most of oil speculative trading, he says, because they aren't subject to traditional reporting standards. Some hedge fund experts say this freedom from regulation is part of what makes hedge funds so successful." http://www.cfr.org/publication/15017/

No reporting standards. Try writing a story using no traditional reporting standards and see how far you get. The fundamentals still matter. They aren't interested, so let merry hell play out and see what falls where and then go to Capitol Hill hat in hand looking for a bailout when you lose $50 billion because you were a bunch of idiots. You could be GM next.

Posted by: Dermitt | August 19, 2009 4:26 PM | Report abuse

On a positive note, WPO is back up. I guess reporting standards can always be higher. The ride here was wild and wet. Computer got soaked and the letters were producing numbers on the screen. Back to normal now.

Posted by: Dermitt | August 19, 2009 4:31 PM | Report abuse

WPO is going to repay fourfold and more. Better buy is a better buy all the way.

Posted by: Dermitt | August 19, 2009 5:21 PM | Report abuse

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