After his notorious al-Zarqawi rebound, Little Bush is heading toward a new low if past pattern holds true.
I have run a mutli-parameter regression on Little Bush's poll # based on the following parameters:
1) Dow Jones Averages
2) Oil Prices
3) Reported deaths in Iraq within the past 7 days.
The results are remarkably accurate. Based on this model, the next CBS poll will show Little Bush dips first time below 30% to 29% approval. The last low Little Bush reached polled by CBS was 31% from 05/04 to 05/08 period.
More on the flip.
"Oil Futures Reach New Highs Amid Violence in Middle East..."
Crude-oil futures settled at an all-time high Thursday as concerns over escalating tensions in the Middle East pushed prices near $77 a barrel.
After trading as high as $76.85 a barrel -- an intraday record surpassing Friday's $75.78 -- the front-month crude contract for August delivery on the New York Mercantile Exchange settled at a record closing price of $76.70, up $1.75, or 2.3%. The previous settlement record was $75.19, reached on July 5.
Combined with seasonal demand, "the price of oil will continue to move closer to $80 as these situations continue to plague the nation's dependence on oil and fossil fuels," said John Person, president of National Futures Advisory Service.
"...Stocks Tumble as Oil Jumps"
The prospect of widening tension in the oil-rich region sent investors fleeing stocks. The Dow Jones Industrial Average fell 166.89 points, or 1.5%, to 10846.29, its lowest close since June 14. The decline comes on top of Wednesday's 121.59-point drubbing, marking the biggest two-day slide since May 17 and 18.
The Standard & Poor's 500-stock index fell 16.32, or 1.3%, to 1242.28, and the Nasdaq Composite Index declined by 36.13, or 1.7%, to 2054.11. Wednesday, the tech-heavy Nasdaq tumbled 1.8%, its biggest decline in a month, amid concerns about earnings. The Russell 2000, a gauge of small-cap stocks, slumped 2%.
"...Mideast crisis escalates"
BEIRUT, Lebanon - Israel blasted Beirut's airport and other Lebanese targets Thursday, bringing its air and naval campaign to the doorsteps of the capital and threatening massive retaliation after guerrilla rockets for the first time reached Israel's third-largest city, Haifa.
"...Sectarian violence in Iraq continued ..."
Sectarian violence in Iraq continued to mount Wednesday with separate attacks that killed at least 27 people, as U.S. Defence Secretary Donald Rumsfeld said it's too soon to talk about reducing the number of American troops in the country.
Today's Fox poll of 36% is the early sign of Little Bush's upcoming new lows.