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A slide in the energy sector pulled Wall Street down on Wednesday. The S&P has been rallying since late June, and is up more than 6% this year alone. That, however, was reversed as the energy index fell 1.41%, with Exxon Mobil falling 1.75% alone.
The reason for the drop in prices was simple – oil. Crude stockpiles were up more than expected, and the stockpile build dragged down the price of oil, which in turn knocked the markets. Unfortunately, the oil issue is one that will persist, with global stockpiles still running high and demand continuing to wane.
For now, we can hope that the markets will pair back some of their losses as the oil news is absorbed. As a result we flipping our position and going long in the markets, in a hope of being the right side of the market as the recovery is staged.
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