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Markets Don’t Stay Bad Forever: Cycles, Trends, and an Oil Refining Example PDF Print E-mail
Written by Dr. Bill Conerly   
Sunday, 31 January 2010

Valero Energy Corp. is selling oil refineries that it had bought a few years ago.  We used to have a shortage of domestic refining capacity, but now we have an excess—even though there has not been a new refinery built in the United  States in years.  Capacity at existing refineries was expanded through new technology, our demand for refined products lagged, and imports of refined products have increased, thanks to expanded capacity overseas.  (It used to be that only crude oil was shipped in, but now gasoline and diesel are imported in tankers.)

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Correction characterized by typical risk aversion patterns PDF Print E-mail
Written by Prieur du Plessis   
Sunday, 31 January 2010

The past week’s performance of the major asset classes is summarized in the chart below - a set of numbers indicating heightened risk aversion on the back of growing concerns about sovereign debt issues, the longevity of the global economic recovery and Chinese policy tightening. The only asset classes to end the week in the black were the US dollar (+1.5%) and Treasury Inflation-Protected Securities (TIPS) (+0.3%).

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