Wednesday, July 23, 2008
Oil Helping Out
A down and up day Tuesday with early weakness on disappointing earnings not lasting long with the major market indices ending with solid gains. The Dow added 135.16 points to close the session at 11,602.50. The SPX gained 17.00 points to close on1,277.00. We have no play on yet.
Earnings were not good post and the pre the bell Tuesday and led to early selling. However oil prices provided incentive to buy later in the day with oil falling more than $3. The September contract closed at $127.95, I think a six week low. Also the news that Tropical Storm Dolly will miss key oil installations in the Gulf of Mexico led to the selling.
Impacting stock prices today will be another round of earnings reports and the Fed Beige Book report. We also have the release of the weekly inventory oil data so expect oil to move again today.
I think this rally may move up a little more. Lets see before we get our play on. We have loads of time.
Until next time.
Earnings were not good post and the pre the bell Tuesday and led to early selling. However oil prices provided incentive to buy later in the day with oil falling more than $3. The September contract closed at $127.95, I think a six week low. Also the news that Tropical Storm Dolly will miss key oil installations in the Gulf of Mexico led to the selling.
Impacting stock prices today will be another round of earnings reports and the Fed Beige Book report. We also have the release of the weekly inventory oil data so expect oil to move again today.
I think this rally may move up a little more. Lets see before we get our play on. We have loads of time.
Until next time.
# posted by Paul @ 2:57 AM 
