Global Market Comments for July 23, 20081) Gasoline inventories fell a surprisingly large 2.8 million barrels as cancelled summer vacations leave the system awash in excess product. Crude fell $4 to $124. Prices at the pump could fall 20 to 30 cents/gallon in the next week. If you believe crude has finally peaked, buy the
Global Market Comments for July 22, 20081) Hurricane Dolly missed, so crude fell $4 to $126, while gas deflated $1 to $9.80. Bonds collapsed and stocks avoided a collapse.2) American Express (AMP) reported Q2 profits down 38% as the consumer spending slowdown hits, taking the stock down 15% to $36. High end customers are reducing
Global Market Comments for July 22, 20081) Hurricane Dolly missed, so crude fell $4 to $126, while gas deflated $1 to $9.80. Bonds collapsed and stocks avoided a collapse.2) American Express (AMP) reported Q2 profits down 38% as the consumer spending slowdown hits, taking the stock down 15% to $36. High end customers are reducing
Global Market Comments for July 21, 20081) Crude is dead. Traders are now gunning for $120. The general consensus for commodities is that we go down for the forseeable future, and then go back up again.2) Internet users in China are expected to increase from 250 million to 900 million over the next 5-10 years.
Global Market Comments for July 21, 20081) Crude is dead. Traders are now gunning for $120. The general consensus for commodities is that we go down for the forseeable future, and then go back up again.2) Internet users in China are expected to increase from 250 million to 900 million over the next 5-10 years.
Global Market Comments for July 18, 20081) Crude was stable today. A big part of the selling this week has come from bank sales of crude holdings to shore up balance sheets. There was a major effort to make sure that the crude August $130 calls, where enormous positions had been built up, expired worthless
Global Market Comments for July 18, 20081) Crude was stable today. A big part of the selling this week has come from bank sales of crude holdings to shore up balance sheets. There was a major effort to make sure that the crude August $130 calls, where enormous positions had been built up, expired worthless
Global Market Comments for July 17, 20081) Crude broke down to $129, down $6?? on the day and down $19 from a high a week ago. Stocks loved it, flying another 200 points.2) Traders are still reeling from the explosiveness of yesterday's move in financials. Lehman (LEH) was up 37%, Bank of America (BAC) 24%,
Global Market Comments for July 17, 20081) Crude broke down to $129, down $6?? on the day and down $19 from a high a week ago. Stocks loved it, flying another 200 points.2) Traders are still reeling from the explosiveness of yesterday's move in financials. Lehman (LEH) was up 37%, Bank of America (BAC) 24%,
Global Market Comments for July 16, 20081) Weekly Crude inventories jumped 3 million barrels on the back of rapid demand destruction, sending crude down $7 to $132. We have dropped $16 since last week's high. If we can break $129 look for another rapid $10 drop to $119. This bubble may have burst. The airline