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Get Your Questions In While You Can By: Charles Payne

Well, I guess we got one thing from this BP/Gulf disaster, a press conference from the Commander in Chief. It has been 308 days since the last press conference from President Obama, which is a long way from the 30-day intervals promised by candidate Obama. Of course, it is the sinking poll numbers that prompted this press conference, which began with the typical sell-job where we have learned that now that BP looks to be on the cusp of success it is the White House that has been "in charge" of the clean up process. I bet the first draft of the speech said "we have been in charge since that ridiculous dome thing didn't work." Anyway, even though we have to endure all of the great things the Administration is doing, getting the President to answer questions from the press is one of the cornerstones of our democracy.

So after 308 days (the Bush record was 204 days) maybe we can learn some things and get some answers. I'm somewhat surprised this wasn't a prime time press conference considering there have been four in the first 485 days, which ties those of all three previous administrations. I hope the moratoriums and postponements are just there to appease the Left and those that never bother to calculate how much we are dependent on oil for survival, competitiveness, and enjoyment. Of course, there was the plug for alternative energy, which has to be hugely subsidized with taxpayer funds. In the meantime, it was good to hear the President admit challenges from events people have "never seen before", like a breaking levy drowning a city or terrorists flying planes into skyscrapers and the Pentagon.

I have to say the Left asked some good questions, and while most of them trickled back to the last guy being at fault it is clear mistakes were made. Obviously, we want government to limit mistakes, but also make sure they only happen once. When there is resistance to admitting fault there isn't a sense of urgency to fix problems. The only admission of mistakes was thrusting BP too much. I guess the governor of Louisiana and the people that live along the shoreline of the Gulf have different opinions.

Let's all pray top kill works.

I'm excited about this session, but there isn't much volume, and that's worrisome. Let's watch oil-related stocks for the remainder of the session, if investors read between the lines, I think they will be buyers of oil and oil-related stocks on dips from here on out. This could be a good proxy for the broad stock market. Of course, financials and multinational companies are going to dictate market direction too, driven indirectly by news and actions on the euro and Europe.

The Amex Oil Index (XOI) has spiked 4% today but it still has much room to the upside from here. The following chart is only a one-week chart.
 
 
For the remainder of the session, "hang onto your hat" is all I can say. With a three day weekend ahead there is sure to be some selling as traders take off tomorrow. So if the rally holds, it would be that much more impressive. We aren't taking out the pom-poms but stocks are oversold, and any good news or so-so news with good spin could spark a money-making rebound.


Disclosure: None