Markets Down On Oil
April 21st, 2006 by Grant in: InvestingWell, today was a rough day in the stock market, primarilly due to oil prices reaching a front contract high of ~$75 per barrel.
Interestingly enough, a day after I covered my short CHAP shares, the price went down $3. Go figure. It’s back up today, so I don’t feel as though I missed anything fundamental about the play, it was just bad timing.
It appears that Google beat earnings expectations last night by a healthy amount, driving the price up significantly. As long as they keep their management from spouting off cautionary statements to the media, they’ll keep shareholders happy. (I remember thinking that their $100/share IPO was outragous. Silly me.)
Anyway, it’s still up in the air as to which direction the market will take us, but it seems that the bears are winning the fight for right now.
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