MARKET TOO OVERSOLD TO PRESS THE SHORT SIDE »
I noted in yesterday’s daily update that we should be nearing not only a daily cycle low but an intermediate cycle low any day now. (the February intermediate bottom came on a reversal off the jobs report. Guess what’s coming on Friday?).
Not only that but sentiment is again back to bearish extremes. We are even [...]
US Stocks Nosedive: What Markets (If Any) Are Safe Right Now? »
Brett Owens submits:
Today, US stocks were not successful in issuing a counterpunch to yesterday’s bloodbath, when there were 11 stocks down for every 1 up. Stocks staged a meager rally after opening – only to swoon late and close at new lows for 2010.As you can see from the chart below, the S&P 500 [...]
DOE Crude Oil Inventory Update, 06/30/2010 »
Sumit Roy submits:
Inventories
The Department of Energy reported that in the week ending June 25, 2010, U.S. crude oil inventories decreased 2 million barrels, gasoline inventories increased 0.5 million barrels, distillate inventories increased 2.5 million barrels, and total petroleum inventories increased 3.6 million barrels. Though more bearish than analysts’ expectations, the figures were very much in [...]
Flight to Crisis? »
The US economic recovery is a fairy tale…
WE’RE NOT THE FIRST to say it, but we have said it repeatedly, writes Eric Fry in The Daily Reckoning.
The US economic recovery is a myth…a fairy tale.
The more enthusiastically the Wall Street rah-rahs proclaimed the start of a new growth phase, the more emphatically your editors pooh-poohed [...]
Daly Gold Blog(6) »
Gold Settles $3.50 Higher… ($1245.90)
Today’s Globex market covered a $12.90 range
as it appeared traders were waiting on tomorrows
economic reports as well as Friday’s unemployment
(7:30 am) data. With the upcoming three day 4th of July
weekend approaching I believe many traders are unwinding
positions and waiting until after the holiday to re-enter the market.
A stronger euro and the [...]
Gold ETF Surges to a New Milestone »
Tom Lydon submits:
Not everyone is getting hurt in the market’s volatility. In fact, the world’s largest gold ETF is marking a major milestone as a result of it.
SPDR Gold Shares (GLD), the ETF backed by physical bullion, recently surpassed $50 billion in assets. Several factors have contributed to the spike in assets: concerns over [...]
About Those Sub-3.0% Bond Yields… »
US Treasury holders have nothing to fear today. Just look how low yields are!
"BOY, the bond vigilantes are really on the warpath," jokes Paul Krugman, noting in his blog at the New York Times that 10-year Treasury yields ended Tuesday below 3.0%.
Never mind that the S&P slumped to 1040 meantime, dropping to a level first [...]
How Likely Is a BP Takeover Bid? »
Editor’s Note: Although this post mentions "British Petroleum" several times, especially in reference to Congressional efforts to distance the company from its U.S.-based competitors, the oil and gas firm officially changed its name to BP in 2001. Please be aware of the distinction.
Since the start of Deepwater Horizon disaster in the Gulf of Mexico [...]
Tesla’s Challenge? Staying Ahead »
Joel West submits:
Yesterday was a great day for Tesla Motors and its CEO Elon Musk. Both got tons of favorable publicity — opening the NASDAQ market Tuesday morning — and wads of badly needed cash as the company enjoyed a wildly successful IPO.
By any measure, the IPO was a huge [...]
Analysts Win Oil Guessing Game »
Hard Assets Investor submits:
By Brad Zigler
After Tuesday’s losses in the US crude oil market, bullish sentiment was bolstered by a key industry report about the supply of Texas Tea. Overnight trade in WTI crude was buoyed by the American Petroleum Institute’s estimates that indicated crude inventories falling [...]
