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| 2009-07-01 01:26 |
WAITING IN THE WINGS
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NEW YORK, NY
Check me out as host of "Cavuto" tonight at 6:00-7:00 pm EST on
the Fox Business Network
The market is holding to the same pattern of strong moves out the gate only to meander for the
remainder of the session. In this case, the move was higher, reflecting what I believe is enormous demand for stocks...if there is a true green light.
With that in mind, tomorrow should be a wild session. Volume should be light, meaning an exaggerated move, and those that bother to come into work
will be hungry for action. The S&P 500 breaks out through 960.0 and from there it's off to the races. Of course, if the jobs number comes in worse
than expected then everyone will head for the exit to begin a three-day weekend. I must say that I think the estimates are too optimistic, but we'll
see.
Economic Data
Oil
Inventory
The Department of Energy reported that crude oil supply fell by 3.7 million barrels last week, versus the consensus expectation
of a 2.0 million barrel draw. Meanwhile, the 2.3 million barrel build in gas inventories was slightly above the 2.0 million consensus. The results are
keeping crude prices and related stocks under pressure today. Although crude is being used more quickly than expected, the consistent rise in gasoline
supply over the last three weeks is telling. Clearly gas prices, which were touching above $3.00 per gallon in some places over the past few weeks,
are getting on consumers' nerves. On the positive side, this price elasticity of demand suggests we can avoid runaway inflation, at least for now.
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Disclaimer: Securities Operations Forum is providing this research to assist investors in determining when to buy and when to sell. All investment decisions are yours and as a result you could make or lose money. Securities Operations Forum, its employees and/or its affiliates and family members may from time to time take positions in the open market or otherwise with respect to the securities discussed, but not have stock ownership equal to or greater than 1% of the outstanding stock of the covered company nor does any employee of Securities Operations Forum sit on the Board of Directors of any covered company. The statements made herein include information obtained from sources believed to be reliable, but no independent verification has been made and we do not guarantee its accuracy or completeness. The statements made herein contain general information and do not constitute an offer to buy or sell any security. |
