As expected our market closed badly due to the pressure from high oil price. Although the losers lead the gainers close to a ratio of 4:1. The volume however showed that not many people are selling. We are now in a very uncertain market condition where fear dictates. Every step that the oil price takes has an impact now. This time they mean it because the wind is said to be so strong that it could damage refinery facilities in it's path. I will wait till the wind blow over and dust settled before taking any actions. My gut feel is, our market is over reacting to the oil price. It rose solely because of Katrina. Once that is over and provided no refineries are damaged, oil price will fall just as quickly as it rises and bargain hunters will start hunting the stocks.
*sings* Wind wind go away, come again another day......
