Stocks acting a bit more "normal" today. There's some bargain hunting for beaten-up transports and industrials, and most big energy stocks are down today.
The Volatility Index (VIX) is flat, there are only 4 stocks declining for every 3 advancing, and volume is lighter than on the previous two days.
Among stock traders, there seems to be a feeling that we may be near an interim high for oil. Not that stock traders know much about where
The reasons, these oil "doves" argue, boil down to a few key points:
1) Saudis are more well off than citizens elsewhere, including Libya, Egypt and Tunisia;
2) the Saudi royal family has doled out lavish benefits: no-cost healthcare, and have just announced new benefits worth over $35 billion (about $1,750 per person);
3) the king is well regarded by most Saudis.
As for the "Facebook protest," it is coming from an external group, and the Saudis have two-and-a-half weeks to prepare for it.
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