With oil closing the session at $126.62pb, the Dow tailed off of its highs to close up 52.19 points to 12646.72.
We think oil might bounce again off of its support at $125.50 and head North back up to $135pb.
Bernanke will be in the news tomorrow and his speech content also.
GM said that 19000 people took a buyout. At the same time, JP Morgan merges with Bear Stearns and 8000 people go unemployed.
Chris Plummer wrote a great piece on why you want $8 a gallon gas. It is a shame that it takes $8 to motivate the US on an energy policy or pushing technology in the right direction.
http://www.marketwatch.com/news/story/eight-reasons-youll-rejoice-we/story.aspx?guid=%7B82FCE1B0%2D1889%2D43B0%2DA465%2DE29BFEE95576%7D
We are trading in a range and it looks like 1406 on the S&P is a difficult spot of resistance.
Tomorrow sure looks like a great day to selloff.
Good Fortune from Trade-Equity.com!!!
Thursday, May 29, 2008
$Market LunchBox$ One Hour to Bernanke!
The Dow is up 113 points to 12,707. This looks like the perfect storm to see a sell off start with the Bernanke speech. His speech is in Switzerland and prob won't be covered live by CNBC or Bloomberg, the market might have a delayed reaction to the news. He is supposed to start speaking at 2:30pm EST.
We like the SKF, and although it looks like it might be a little early, the SKF(with the pressure of Lehman Brothers-LEH) in the industry, we think the SKF is headed higher.
Oil spiked on inventory short 8.8 million barrels. then headed South to test the support levels again. Currently oil is $127.06pb.
The VIX is down over 6% to 17.89.
If the selloff happens today and possibly tomorrow the we might be headed down to test the lows of 13500 on the Dow.
The GLD is down almost 2% currently.
Good Fortune from Trade-Equity.com!!!
We like the SKF, and although it looks like it might be a little early, the SKF(with the pressure of Lehman Brothers-LEH) in the industry, we think the SKF is headed higher.
Oil spiked on inventory short 8.8 million barrels. then headed South to test the support levels again. Currently oil is $127.06pb.
The VIX is down over 6% to 17.89.
If the selloff happens today and possibly tomorrow the we might be headed down to test the lows of 13500 on the Dow.
The GLD is down almost 2% currently.
Good Fortune from Trade-Equity.com!!!
$PreMarket Buzz$ Big News Day
Bernanke will be the key to todays close.
It looks as if the Dow will open about 30 point down. Oil is $1.99 to $129.04 pb.
Gold is opening down today. GDP was revised to analyst expectations.
Sears reports losses, and Costco beats estimates. Big Lots is trading 6-7% higher in pre-market.
Jobless claims come in higher again.
It is going to be a busy day today.
http://www.bloomberg.com/markets/ecalendar/index.html
Good Fortune from Trade-Equity.com!!!
It looks as if the Dow will open about 30 point down. Oil is $1.99 to $129.04 pb.
Gold is opening down today. GDP was revised to analyst expectations.
Sears reports losses, and Costco beats estimates. Big Lots is trading 6-7% higher in pre-market.
Jobless claims come in higher again.
It is going to be a busy day today.
http://www.bloomberg.com/markets/ecalendar/index.html
Good Fortune from Trade-Equity.com!!!
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