I expected bearish sentiments in the stock market for this week because there is simply no good news on the horizon to spark a revival. When I say revival, I mean sustained gains in grounds of over 100 points, not 20-30 points as this usually implies a zigzag pattern for further slides.
Indeed, on the last day of June which marked the worst June for the S&P 500 and Dow Jones since the Great Depression, stocks continue to struggle on the back of soaring oil prices and devastating financial market losses.
Sell-offs in financial stocks like Citigroup, Lehman Brothers and JP Morgan continue as analysts adjusted their earnings forecast and investment ratings. US light crude for August delivery scaled a record high of $143.67 a barrel before pulling back at $140. General Motors and Ford Motor will report June sales on Tuesday but investors anticipate poor results due to rising fuel prices and shares fell over 3%.
The Chicago PMI, a regional manufacturing indicator , rose to 49.6 from 49.1 in the previous month, versus forecasts for a dip to 48 but any figure below 50 still indicates a contraction.
Oil speculators are having a field day on Wall Street. Let’s enjoy a light-hearted moment to celebrate their triumph with this age-old joke.
An oil speculator dies and goes to heaven. St.Peter meets
him at the gate and tells him he can’t get in because
there are already too many oil men in heaven.
The speculator pleads with him and begs for 2 minutes in
heaven to make room for him. St.Peter laughs and says
he’ll never talk anyone out of leaving heaven, so go ahead and
A minute later, thousands of oil guys are rushing to get past
St.Peter and push him out of the way.
What in hell did you do? Asks St.Peter?
Oilguy says, simple, told them there was a big oil find in hell.
That’s terrible, exclaimed Pete. But a deal is a deal, you
No thanks, I’m off to hell, with all that interest, there must
be some truth to the rumor.