IDIOTS.
Tuesday, Oct. 9, 10:22 a.m. EDT
Stock Market Down Due to a Rifle Shot?
Maybe it's the gunfire in Alaska - not in Afghanistan - that's weighing on the market.
"Get this, a 37-year-old drunk with a high-powered rifle caused the second-largest oil spill ever in the Alaskan pipeline on Friday," observed the DR Blue's Dan Denning.
"The single-gunshot wound to the pipeline effectively shut down one-fifth of all domestic U.S. oil production."
The pipeline is supposedly built to withstand gunshots.
"It has an outer coating of galvanized metal, four inches of insulation, and a half-inch of steel," says Denning. "But that wasn't enough to stop a bullet from a .38-caliber rifle. Let me ask you this, if a drunk with a rifle can halt 1/5 of U.S. oil production with a single bullet, what do you think a couple of sober terrorists could do with a rocket launcher?"
Hard to say, but it probably wouldn't be bullish ... except for defense stocks.