Any one else smell that??

[JPatrick]

That faint scent of a correction on Wall Street today??
Oil stocks way down especially oil service.  Probably going to shape up as a good time to add to energy fairly soon.
As for the rest of the market, I'm thinking that some time over the next 40 days we should get a great buying opportunity for the 4th quarter. Anyone knowing the exact day of the coming low- - -please post...

 

[JPatrick]

I am not buying on this meltdown until oil prices subside.  If they don't subside, or keep going up, it won't matter much anyway... capitalism as we know it will hacked from the big oak that it has become into little more than a stump.

I think the price of oil is finally being noticed now that we have gotten close to $70 on oil.  I don't think oil stocks need to correct much more before they become tastie, but I agree with you that the rest of the market needs a lower oil price to be healthy.  Don't be surprised if the celebration point is somewhere just under $60.. Almost looks good from here, but it isn't.

 

[JPatrick]

Well I'll go along with you somewhat- - -I believe about 80% of our oil situation is a pure supply/demand equation.
The other 20% is far less natural.

On the positive side, I don't often hear the "be happy gas is actually cheap" story any more.

 

[azanon]

I'm so glad i'm not a day-trader. Otherwise, these kinds of things might actually bother me.

 

[Nords]

That faint scent of a correction on Wall Street today??

Great, Lynyrd Skynyrd will be with me for the rest of the day.

"Ooo-oooh that smell!"

Wait'll the DOW breaks 10,000, then we can talk about a "correction". But wake me up if that happens before lunch tomorrow...

 

[JPatrick]

Let's see- - -Noon island time tomorrow.  Nope that won't work, by that time on the mainland I will have consumed to much tourist to remember,  much less dial.