Stock Market After Hurricane Rita.
Hurricane Rita didn’t do much damage as it was originally feared as result the oil drop $1 a barrel on Sunday trading. I still think there’s a lot of disruption to oil and refinery production prior to Rita and the exact damage is still unsure. so far we do know one of the Valero refining facility sustain significant damage and may take two weeks to one month to restore operation.
Technically speaking all major indexes hit and bounce off the support level. I like the market move up on significant volume and points for me to be convinced the market is in the bull move. I expect Monday will have positive open, but it’ll depend on how much damage had sustained in the Gulf. It may take two days to become clear. At the moment, I’m bearish on the market until the market tells me different.
It's not when you buy. It's when you sell!
