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Chevron To Face Massive Fines

Posted by Benzinga on December 27th, 2011

As one of the largest oil companies not only in the U.S., but in the world, Chevron is used to operating in some less-than-hospitable locations. Angola, Nigeria and Russia are just a few of the places where Chevron does business that aren't exactly top-notch vacation destinations.

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The general stock market declined once again for the fourth straight session on the S&P 500 (SPY) and Nasdaq Composite (QQQQ). Market breadth was negative and the action of investors showed them selling energy based shares and light crude oil declining over 9% to finish at approximately $99 after recently trading near the $115 area.

Stocks declined for the third session in a row as the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) lost 0.7%, 0.7%, and 0.5%, respectively in a session that saw investors once again booking some of their profits. Market internals were negative and the action in many individual stocks was not very good.

For the second session in a row stocks saw declines. The main difference between today's session and the prior session was market activity indicated investors were taking some of their profits off the table today. The Nasdaq Composite (QQQQ) saw the biggest declines out of the three major indexes as it fell 0.8%.

Stocks notched mild gains in today's session with the Nasdaq Composite (QQQQ) lagging the DJIA (DIA) and S&P 500 (SPY) for the second straight session. Market breadth was generally positive and investor participation remained above average. For the S&P 500 and Nasdaq Composite we are keeping their support levels the same but raising their resistance levels (see below).

Stocks rose in today's with gains ranging between 0.1% to 0.6% for the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ). Investor participation was slower in today's session and market breadth was generally good. The Nasdaq Composite traded the majority of the session lower but a late buying surge allowed the index to rise mildly.

Recently, the Federal Reserve raised the discount rate after nearly 14 months from 0.5% to 0.75%. This article explains if more rate hikes in store and what this rate hike means for stock, bond, commodity, and cash investments. Read Federal Reserve Discount Rate and Your Investment Decisions .

Last week was FANTASTIC and we had 28 winning trades out of 36 with an average gain of 42% on the winners and an average loss of 12% on the losers - now THAT’s A GOOD WEEK.

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