Don't Panic??
Oil is down $3.30/bbl to $83.23. The DJIA is down 274 points which is quite a few. This is the sort of crash you expect from full disaster, the likes of which we have with the end of the EU. Of course, if it drops another 1000 points to 10,000-some then I'd say its really crashed. This is more like a small adjustment. It is really interesting to see the futures markets responding to the Euro crisis, being completely rational about this. They have to be realistic or they lose money, so the futures markets often predict the future reasonably well. It is kinda strange though that the OPEC nations haven't just cut production again to drive the price up once more. That's their traditional response, after all. And gasoline prices remain high in the USA. Normally, a bad Friday panic is followed by a weekend of contemplation and the price will rise again Monday. Normally. It remains to be seen if this new normal ends in that typical way.