Lunchtime Report
SET 1016.64 (+2.51)

In the morning session, the market didn't drop like I expected; instead, it is sort of sideways, leaning to the plus side. Perhaps my predictions play a role because the market usually acts in the opposite direction of my predictions. :P Anyway, I really don't see the logic of it though. Crude oil dropped 4% yesterday and climbed back up a little over a percent today, resulting in a 3% drop from yesterday morning's price. But oil companies are still fine, down by only about 1%, with the Energy sector down by only 0.31%. BCP is down by about 2% though.

But what's the reasoning behind this? I thought it was going to be hell today. It's good that SET didn't plunge, but I still don't get it. Did investors overreacted last night, leading to a much higher drop than it should, given the amount of oil that's going to be released (60m barrels)? Did it turn out to be that it's not that big of a deal? I read that oil climbed back up today because, with IEA releasing the oil now, they won't have any to release in the future, so they're gonna have to buy it back if they want to have an emergency reserve...hmmm seems sorta backwards to me. For all the 3 readers who reads my posts (I hope there's at least 3! haha), please tell me what I'm missing here. Why is the market so calm about it?