There was very little action today on Wall Street as the Dow snaps its 5-day winning streak by dropping 22.07 points, or 0.23%. Oddly enough, the culprit for today's slide can be blamed on oil, which lost $2.69 to close at $69.25 a barrel.
During good times, a drop in oil would signal bullish sentiment for the markets. But, now, many strategists and economists like to view oil as the proxy for economic growth. Higher oil generally means globalization and prosperity. My, how our thoughts have adjusted to the current environment.
So you know, we're working on two pieces for publication in national newspapers (we promised these editors we wouldn't say anything, so it's a secret), but the topics are about September 11th and the correlation to the meltdown on Wall Street, and the other is the health care reform conversation and how economics really shouldn't be the primary risk we assume. We think they will be excellent reads.
Also, a USA Today article will be out next week about yours truly and LandColt Trading. Check back here for the URL if you don't see it first.
Finally, LandColt Trading will be accepting indications of interest next month for its long/short oil & gas model. Stay tuned...
We're shutting down for the weekend--so have a happy and safe couple of days off. Oh yeah, one more thing: GO RAVENS!!!!
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.