The markets rebounded today in a very thinly traded session. However, while the headlines will read "Dow jumps 48 points on (insert random cause here)", it's worth noting that 40 of those 48 points came from gains in Exxon and Chevron. Hmm, I wonder why Exxon and Chevron might be surging? Could it be the forecast for $125-$150 oil if the conflict in Syria goes on for more than 1.45 seconds which is the average American attention span in the Idol Talent Dancing in America era?
It's unclear what that means for prices at the pump but $125 oil will be very, very good for the profit margins of Chevron and Exxon.
The unofficial word is that we are moving forward with an attack of some sort against Syria as early as Thursday. We'll see if cooler heads prevail.
Stats of the Day:
* August trading volumes hit the lowest level in 16 yrs.
* In a possibly related story - CNBC viewership is at 20 year lows.
* Remember the Spanish recovery? About that... Spanish mortgages plunge 42% y-o-y.
* Seaworld cut its midweek price by 46% in Orlando to help counter a decline in attendance.