Hurricane rally

Lower oil prices are bringing back buyers to the markets. Dow is up 154 (but down almost 100 from the knee-jerk high in the last hour), advancers over decliners 3-1 (a so-so margin all considered) & NAZ is up 19. S&P 500 FINANCIALS INDEX rose 5 to 290, slipping by the minute & still range-bound after the run-up from the July 15 lows. Oil stocks are down on the sharp fall for crude oil. The Alerian MLP index is down 2 to 271, responding to oil sell off .

It looks like oil equipment got off with light storm damage, a relief for supply problems. The change below (reported by Yahoo) should be down more, not sure why it's only showing down 3. Bigger picture, it doesn't matter. At these levels, oil is at prices not seen since April, however oil buyers are coming back.

CLV08.NYM

Crude Oil Oct 08

...108.18

... 3.04 (2.7%)

• Oil Prices Crumble as Global Economic Outlook Dims- AP
• Oil Industry Tallies Up Damage From Gustav- AP

For the brave ones who want to know how to buy oil, their ETF fund is:

U.S. OIL FUND ETF (AMEX: USO)

88.00 __ 4.87 __(5.2%)

The Federal Reserve may have had a quiet weekend, but I don't think so. Huge banking problems remain starting with Fannie Mae (FNM). They will have to speak out in the future.