Journalistic Idiocy

[wayneL]

In the "Should Shorting BE Banned" thread, I've had a bit to say about the reporting of oil prices in the media, with a demonstartion of how they cocked it all up.

Well, even the plebeians are starting to notice:

http://www.marketwatch.com/news/story/oil-futures-drop-4-after/story.aspx?guid={23F5FE47-805C-4E0B-8350-DDCBF1204AB3}#comments

Why was "crude-oil futures" closing at $120 last night, after hitting a peak of $130, and then today the article says that "crude-oil futures" is down 2% at $107.53?

Answer: Marketwatch goofed by not pointing out from the start that the $130 price top yesterday was for an October contract that was about to expire on that same day. Marketwatch did NOT point out, but should have, that the November contract traded below $110 all day long yesterday. The October contract was subject to a major short squeeze, and the price had very little to do with tghe fundamentals of oil.

By now, Marketwatch has slipped into their articles the fine print about the distinction between Oct and Nov futures, but the big mistake was made yesterday were for hours there was sensationalist talk of "record oil prices".

Unless Marketwatch officially acknowledges their misleading stories, and on front page, I will never trust Marketwatch again when it comes to information about "oil" prices.