Tuesday, July 01, 2008
Terrible June
The markets tried their best to have a good day and end June on a positive note but it was not to be. The Dow added 3.50 points Monday to close the session at 11,350.01. The SPX gained 1.62 points to end on 1,280.00.
Apparently this June has seen the worst monthly declines since the depression!! And the reason why is easy......oil prices.
And with little news on the economy or earnings to digest energy prices again were the focus. Oil prices showed volatility during the session, but ultimately closed with a loss of 21-cents to $140.00 a barrel. Crude prices hit a record high at $143.67. The rise in crude prices this past quarter has really taken a toll on stocks, especially in the month of June. The Dow fell more than 10 percent in June alone and is a sliver away from an official 20 percent correction, or bear market.
We have no play on and will be holding fire until the jobs report is out at the end of this week.
Until next time.
Apparently this June has seen the worst monthly declines since the depression!! And the reason why is easy......oil prices.
And with little news on the economy or earnings to digest energy prices again were the focus. Oil prices showed volatility during the session, but ultimately closed with a loss of 21-cents to $140.00 a barrel. Crude prices hit a record high at $143.67. The rise in crude prices this past quarter has really taken a toll on stocks, especially in the month of June. The Dow fell more than 10 percent in June alone and is a sliver away from an official 20 percent correction, or bear market.
We have no play on and will be holding fire until the jobs report is out at the end of this week.
Until next time.
# posted by Paul @ 4:37 AM 
