Wall Street Str...'s  Instablog

Wall Street Strategies
Send Message
Wall Street Strategies has been providing independent stock market research since 1991 to individual, retail and institutional clients through a balanced approach to investing and trading. Charles Payne, our founder and chief analyst, is routinely sought after for his stock market, political,... More
My company:
Wall Street Strategies
My book:
Be Smart, Act Fast, Get Rich
    Jun 12, 2014 2:05 PM

    There's no freefall in the equity markets, but they remain spooked from the beginning of the session. Crude oil prices have jumped over $105 per barrel today, after Islamist militants seized two cities in Iraq and sent Iraqi forces into retreat. The US withdrew troops from these areas three years ago, but it looks like a sectarian civil war has come back to the region, which is currently OPEC's second biggest oil producer. It appears that there are some difficult times ahead for Iraq and a rocky start to the summer for most Americans at the gas pumps. Worried investors have also been flocking to gold which jumped about $11 in this session to around $1,272 per ounce. Below is a very helpful visualization of the oil fields and pipelines in Iraq, as well as where there continues to be cultural clashes.

    Back in the homeland, the market was already iffy thanks to some mixed economic data released earlier this morning. Overall retail sales for the month of May increased 0.3% and excluding autos, they were up 0.1%. Both of those results were below consensus estimates, which forecasted increases of 0.7% and 0.4%, respectively. This is quite disappointing news, but this should be offset by the fact that there were large upward revisions for April. Total retail sales in April were revised up to 0.5% from 0.1%, and excluding autos, sales were revised up to 0.4% from 0.0%.

    Separately, business inventories increased by 0.6% in April; is this higher than the consensus estimate of a 0.4% increase and above the unrevised 0.4% increase for March. Ultimately, judging by the level of retail sales in May, these inventory levels in retail and businesses should remain high for another month or so.

Back To Wall Street Strategies' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.