Tuesday Tidbits
January 23rd, 2007 by Grant in: Energy, Investing, Stock ThoughtsThe President stated in tonights State of the Union address that the US will double the size of the strategic petroleum reserve over the next 20 years.
Effectively, the US will buy 100,000 barrels of crude per day for the next 20 years, increasing the total capacity to 1.5 billion barrels.
It will be interesting to see how the market reacts to this decision, but I suspect that the price of crude will go up.
On another note, Ford (F: chart) finally had a down day. I’d like to see it retrace a little bit more and get the technicals down just a bit before I buy in, but at least the market is giving me a sign that Ford may be overbought and ready for a dip…
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