Could Oil Prices Intensify a Pending S&P500 Selloff?
Last week we received reports that the unemployment rate in the United States was improving markedly. In addition, sentiment numbers were released that confirmed my previous speculation that market participants were becoming more and more bullish as prices in the S&P 500 edged higher.
The battle for Libya’s post-Gadhaffi’s soul (and oil)
The popular Oil Services Holders Trust(NYSE:OIH) is trading sharply lower this morning by $1.52 to $154.52 a share. The decline in the OIH comes as crude declines by 0.81 cents to $86.67 a barrel. Traders should watch for intra-day support on the OIH around the $153.25 - $153.00 area. Should the OIH decline further there will be more support around the $152.00 level.
Spot crude closed the day higher by nearly 3.00 points as the Suez Canal waterway in Egypt remains closed. This closed waterway causes the major oil ships to have to take a different route in order to deliver crude. The popular United States Oil Fund(NYSE:USO) is trading higher by $1.13 to 38.71. This is a 3.00 percent rally in the popular oil ETF.
Gold and Crude on the Run - Resource Stocks to Watch; (NYSE:ABX), (OTCBB: AAPH), (TSX: K.TO), (TSX: SU.TO
VRSK, AVOT.PK, GMR, GRHU, DRCO, - Insurance, American Video Teleconferencing Option Agreement, Crude, GreenHouse Auto DR program
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The bottom line for third quarter earnings has been positive. In fact, the majority of companies are beating the estimates. The challenge comes when looking at the top line revenue. This is really not a surprise, but investors are reacting to the lack of revenue growth despite beating on the earnings numbers. The general consensus, slower revenue doesn’t support growth moving forward.