Friday, May 28, 2010

BP's Mess Could Harm the U. S. Economy Long Term

Just spent some time with a veteran oil services specialist. He is skeptical that "top fill" can work. He also believes that there were at least 7 errors made in the planning and execution of this well in some of the deepest water ever drilled in anywhere in the world, and that had even one of those errors not occurred, the spill would have been averted.

It would appear that as with Three Mile Island and the U. S. nuclear industry, a long-term overreaction that could harm this country is a real possibility.

In the meantime, the VIX is around 30 and under the thesis that surges should be sold, selling opportunities with the VIX much under 25 now make sense.

Gold is quiet overnight and no matter the hyperventilation for and against it, it is both a bit too popular and too reminiscent of NASDAQ 199- (what year is the key question) to sell.

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