Archive for the ‘oil stocks’ Category
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Terrible day for the markets yesterday…
It all started with June crude oil futures down about $9.00 a barrel, the U.S. dollar up sharply and the precious metals down. June gold futures were down about $34.00 an ounce, bringing the metal back below the $1,500 level. There was more pressure on silver prices, too.
Libya is getting bombed by American, British, and French fighter jets. The situation in Libya could spill over to other Arab countries in sympathy.
Japan just suffered a horrific tsunami and related leak in one of its nuclear generation plants. The damage could impact the country’s economic renewal.
In all of this, after declining to just north of $1,300 an ounce, gold has been rallying. It is trading at a key level of $1,430 on the chart.
Institutional investors will still be buyers of equities as the market pulls back. There’s just no other way to earn a decent return on investment that beats the rate of inflation. Any consolidation or correction in stock prices would certainly be a positive development for the long-run health of the equity market. The stock market needs a rest from its excellent performance over the last two years.
There is virtual glee in the resource sector these days. Precious metal prices are trading near records. Oil prices are going up. The only commodity that’s holding back what might be argued as the entire resource sector is natural gas. That means it’s a good time to start looking in this area for some attractive investment opportunities.
|Trailing 12-month EPS for Dow Jones companies (Most Recent Quarter)||$988.36|
|Trailing 12-month Price/earnings multiple (Most Recent Quarter)|
|Dow Jones Industrial Average Dividend Yield||2.39%|
|10-year U.S. Treasury Yield||2.72%|
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