Friday, October 12, 2007
Not Out the Woods Yet!
After hitting new intraday highs yesterday, the major market indices saw declines. The Dow ended the session with a loss of 63.57 points to close at 14,015.12. The SPX gave up 8.06 points, closing at 1,554.41. We are in the green but would still welcome some more down movement.
The SPX hit a high of 1575 at one point but I think the markets just thought how much higher can we go in this climate and turned around.
There continues to be concern about the rise in energy prices. Weekly inventory data showed a gain of 1.7 million barrels of crude, but gasoline stocks fell by 1.7 million barrels. Crude prices rose sharply on the session, up $1.78 a barrel to a price of $83.08. The November contract hit a high of $83.60 intraday, just 16-cents from a new high.
Today sees retail reports and inflation price data which could affect the markets. Lets hope its down!!
Until next time.
The SPX hit a high of 1575 at one point but I think the markets just thought how much higher can we go in this climate and turned around.
There continues to be concern about the rise in energy prices. Weekly inventory data showed a gain of 1.7 million barrels of crude, but gasoline stocks fell by 1.7 million barrels. Crude prices rose sharply on the session, up $1.78 a barrel to a price of $83.08. The November contract hit a high of $83.60 intraday, just 16-cents from a new high.
Today sees retail reports and inflation price data which could affect the markets. Lets hope its down!!
Until next time.
# posted by Paul @ 6:07 AM 
