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How did gas and oil go into an endless dive
By admin | July 18, 2008
Oil and Gas Out – Banks and Brokers In - JP Morgan Chase (JPM), Comerica (CMA)
“How did gas and oil go into an endless dive,” Jim Cramer asked viewers of his Mad Money TV show Thursday. He said the dramatic reversal was in part due to the demand dropping 2%. With oil prices plummeting and bank stocks on the move to the upside, Jim Cramer asked, “How did the whole world turn upside down?” Cramer said some good things are happening in the markets, and investors need to change their strategies to capitalize on them. Cramer said he’s always believed that the rise in oil was due to supply and demand and not speculation. He said oil is “just too high” at $150 a barrel. He said consumers are finally starting to cut their usage, leading to the decline in oil prices. He predicted oil could fall as far at $110 a barrel before stabilizing. Gas will go down next week and that is incredibly bullish for the market.
Topics: Daily Updates |
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