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Thursday, September 11, 2008

Ike Enters The Gulf

Hurricane Ike is now in the Gulf Of Mexico, but is weakening and is on track to give a glancing blow to the offshore oil facilities in the gulf. Considering the relatively low damage done by Gustav, which was a direct hit and stronger, Ike is not expected to affect oil production very much. Oil is down again today, reaching 101.

On the earnings list, GCOM reported last night, opened up about 10% this morning, then got hit by a downgrade. Apparently the analyst's company needs to cover a short position, because it dropped 20% on the downgrade, and is now down about 6%.

The market gapped down this morning and dropped for the first half hour of trading. The SPX has established a bottom at 1211 and is now rallying off it. Thanks to another 40% drop in LEH, the financials are the weak sector today, but none are in the green. Stocks I saw yesterday bouncing off support levels have turned tail and gone right through them, so again, it looks like staying in cash is the safest way to go here.

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