Is the time nigh for some exchange traded funds (ETFs) that short oil and gas?
The answer seems to be mixed – while oil prices have retreated some today, down to $132 a barrel, gas is continuing its forward march. The national average is now $4.06 a gallon, John Wilen for the Associated Press reports.
The decline isn’t seen as a sign of a changing trend, analysts say, because oil has seen a number of sharp swings in past weeks. Instead, oil is "range trading," waiting for direction from a significant move in the dollar or a change in the supply and demand fundamentals. Most sentiment still seems to remain bullish.
In financials, Lehaman Bros. (LEH) shook up its management, removing its top two executives, reports Joe Bel Bruno for the Associated Press. The news comes days after the fourth-largest investment bank in the country delivered news of a $3 billion quarterly loss. It’s a clear signal that the credit crisis isn’t over yet.
What’s your sentiment for the sectors? It seems like for every opinion, there’s an equally fervent but exactly opposite opinion.