Market Talk with Piranha

This blog serves as an internet community that aims to teach investors how think about investing by providing detailed market analysis using both fundamental and technical analysis. I invest my money by using solid rules that incorporate money management techniques such as position sizing, expectancies and cutting losses short! Through my philosophy and writings, I hope investors of all kind will be able to create their own methods and styles to become successful.

Market Talk with Piranha is currently moving to its new home at chrisperruna.com. The new site is up and running but many of the posts need editing as the images and stock charts did not transfer successfully (thanks blogger). I will post all new entries to both blogs – Thank you for your patience while I make this change!

Wednesday, August 02, 2006

Tropical Storm “Chris” affecting Market

Crude oil topped $76 earlier today as Tropical storm CHRIS (what a name) gathers strength in the Caribbean and heads towards the Gulf of Mexico and possibly the Gulf Coast. Investors fear that the storm could grow into a hurricane and possibly disrupt oil output from the rigs in the Gulf area (similar to Katrina and Rita from last year).

As an article by Simon Webb stated: “Last year's hurricanes shut a quarter of U.S. crude and fuel output and sent oil to record highs. Around 12 percent of the U.S. Gulf of Mexico's 1.5 million barrels per day (bpd) oil output is still offline.”

As you can see on the chart, crude oil has been trading in a range over the past couple of months with a support line near $70 and a shorter term support/resistance line near $75.

With the crisis in the Middle East and the threatening storm, oil related stocks and futures will be hot short term plays!

Piranha

1 Comments:

At 4:40 AM, Vern said...: hey chris,

thanks for the report. I believe that oil will be rising constantly at least in the coming few years due to the lack of oil exploration activities and the constant upheaval of bad weather.

Regards,
Vern
____________________________
http://vernhow.blogspot.com

Post a Comment

<< Home

This website is aimed to educate and demonstrate successful methods of investing to all investors. Market Talk with Piranha & MarketStockWatch.com (MSW) will not be held responsible for the actions taken by individuals, members, non-members, parties or corporations based on ideas, thoughts, concepts or information posted on this website. MSW shall not be liable to you or to anyone else for any loss or injury caused in whole or in part by its negligence, omission in procuring, compiling, interpreting, editing, writing, reporting, transmitting or delivering any opinions, information, consulting, or data through this service or for interruption in any such data.

Market Talk with Piranha

Wednesday, August 02, 2006

Tropical Storm “Chris” affecting Market

1 Comments:

About Me

Previous