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For the week:
Dow down 2.8%, the biggest drop since June
Nasdaq down 4.7%, the biggest drop since January
S&P 500 Index down 3.2%, the biggest drop since May
According to Bob Brinker's "inverse correlation" theory that he began espousing a couple of months ago, oil prices should have risen, but just the opposite happened:
For the week, $Oil dropped $11.37 = roughly 9%
It sure looks like Oil and S&P are moving in tandem
- For the month of July, the S&P declined 1%
- For the month of July, the price of Oil declined about 12%.
- For the month of August, the S&P gained 1.22% (8/29/08: 1282.83)
- For the month of August, the price of Oil declined 6.94% (8/29/08: 115.60)
This week:
- The S&P 500 Index declined 3.2%
- The price of Oil declined......9%
This is much more pleasant to look at. 8~)
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