>>82
>Wouldn't increasing supply decrease price?
yes it would, but the keystone will not increase supply, pipelines do not make oil they make transporting it easier.
It will decrease north america domestic supply it, by allowing Canada an easy route to an export market. The oil from canada has to go somewhere right? It goes to the closest place possible.. the US. But we already have too much oil.
Oil overseas is around 110$ in the US it's 90 due to glut of over supply. Price can't gap much lower though even with oversupply because of the export price differential, if the gap between us oil prices and international oil pries becomes too high, than oil will start to sell off overseas regardless of the increased transportation costs.
>Why are you shorting the euro?
Insurance, if global markets start to collapse, the euro will get hit the hardest due to the already weak state of europe, fear of government debt burden collapse necessitating vast printing of money. Money will fly to US dollars for safety. If there was a global market crash I forecast euro to go to parity with the dollar. It think even with good economic situation it should come back too 1.2 at least. Also europe is stuck in recession while rest of world shows strong gdp growth, the rest of the world is easing, so if europe is going to get the hint, europe will start easing too, if they want their economy to grow, this policy shift will kill the euro price.
>I'm guessing Obama's go ahead to the $85 billion cuts and the fallout from China's attempt to cool its potentially bubbling real estate market are responsible.
yeah that is part of the story, but if the core economy keeps putting up solid numbers these policy decisions will not have a material impact. But it doses go onto my radar screen, I look for any sign of domestic economy weakness constantly.
>Does this mean China Armco Metals will take longer to pick up?
China armco has already suffered form 2012 enormously, going forward this might temper the forecast somewhat. Forecast form leading chinese steel producers are still for growth in 2013, 2012 was so bad for steel, it cannot possibly get any worse, and inventories are much lower now, even a reduction in demand would not reduce output below 2012 levels.
However as part of attempting to reduce steel demand and housing demand, PRC is also concurrently trying to reduce pollution. As part of that china is boosting recycling initiatives, and the price of iron ore is still high enough to boost scrap demand significantly intrinsically even without govt intervention. China Armco was selected by the PRC as a demonstration base for energy efficient example for the rest of the industry running their energy efficient plant and operating some of their yard equipment on electricity and not diesel like others.
Quarterly report on the 28th will blow the stock up regardless of market conditions, the profit will catch the attention of everyone who follows the stock, it shoudln't be a surprise honestly, but I have learned that people usually do not pay attention to the numbers until they are shoved into their faces on official documents. I already know what the quarterly report will say. I Alfred know the sales numbers the gross and net profit to within ~15% of the actual, the numbers will surprise everyone even though all the info is available for them to find. that will be the real driver of stock price, as sad as it is, with a stock like this in penny land, people have very very short time horizons, they rarely invest long term, it's a habit form the penny market, few mutual funds who are the true long term market players venture there. So in reality it almost hardly matters what their yearly forecast is, people want profits and improvement now not later, and they will get it.
>NOG is having their earnings announcement.
huh? No that is not an earnings announcement, that is simply yahoo posting their data to the website late as always, their earnings were a while ago that's why I liked the stock.