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Hello gang,
In the old days, I used to talk a lot about the battle between the new and the old economies. It was traditional firms, like Marks and Sparks (MKS), Woolies (WLW) and British Gas (CNA) versus the techies, like Energis, Tadpole (TAD) and Anite (AIE).
One day the techies would do much better than the traddies and the next day it all changed around again.
Well, nowadays, it seems to me that the old battle has been replaced by another one. A war between the oil companies and the banks.
It occurs to this old punter that every time oil rises, bank shares drop and vice versa. Of course, this is a simplification. And it might not even be true, just my impression, which could be wrong.
However, several oil firms were up nicley yesterday and some of the banks, though not all, lost a bit of ground. So I suppose there might be a bit of profit in switching money from banks into oil and the other way round, depending on the weekly trends.
Any road up, it's my view that oil has been oversold in the last few days. And that yesterday's oil recovery will continue for a few days yet. And for that golden period, traders may switch out of banks to pay for new or added investments in the sticky black stuff.
I could be wrong, naturally. The story is always changing in Crazyland. That's the best lesson we can learn. That nothing stays the same, and to make most bread, you need to change views like the wind. But for the mo, as far as I can see, oil will pick up a few points - enough to pay for Friday night's take-away, mayhap? Rocking on!
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