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  • Wall Street Breakfast: Must-Know News [View article]
    EIA Petroleum Report out today shows:
    Distillate stocks up 3.7M barrels
    Gasoline stocks up 1.9M barrels
    Crude stocks down 2.9M barrels

    This is an overall build of 2.7M barrels. This is an almost identical number to the American Petroleum Institute overall number yesterday.
    Jul 08 10:35 am |Rating: +2 0 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    MarketWatch:
    "The global economy is beginning to pull out of recession but the recovery is expected to be sluggish, according to the latest economic update from the International Monetary Fund released Wednesday. The IMF raised its forecast for growth in 2010 to a 2.5% rate, which is higher than the 1.9% growth rate forecast in April. There is much less concern about systemic failure in the financial system. A gradual recovery in the U.S. seems on track, the IMF said. Japan is stabilizing after a dismal first quarter. Growth in the euro-area is expected to strengthen more slowly than elsewhere. Inflation pressures remain low, the agency said. Risks for sustained deflation are small."

    This good news is thought to be at least partially responsible for the early lift in the markets today.
    Jul 08 09:40 am |Rating: +1 0 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    The SPY hit its bottom Bollinger band at the close on Tuesday. The McClellan Oscillator indicates near oversold conditions. Technically the market should bounce today. Today will be interesting. Tomorrow will be more so.
    Jul 08 09:38 am |Rating: +1 0 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    The SPY hit its bottom Bollinger band at the close Tuesday. Also the McClellan Oscillator indicates a near term oversold condition. Plus there is good technical support at approx. the $88 level on the SPY. So far it looks like we are seeing a bounce up from $88 on the SPY. This would be the expected technical behavior. Oil is still down about $1 though. Today will be interesting. Tomorrow will be more so.
    Jul 08 09:29 am |Rating: +2 0 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Oil is down again today after data from the American Petroleum Institute yesterday showed an overall build in stocks.
    Distillates stocks were up 3.4M barrels
    Gasoline stocks were up 767,000 barrels
    Crude stocks were down 1.4M barrels (had expected down 2.4M)

    This is a net build of approx. 2.8M barrels. This would seem to add fuel to the drop in oil prices.

    It will be interesting to see the EIA statistics this morning at 7:30am.
    Jul 08 09:23 am |Rating: +3 0 |Link to Comment
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