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Daily Market Beat
Double Dip? Not Likely…
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In Today’s Issue…
Recession on Hold? (TF)
Commodity Boost (TF)
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Market’s Turning Up The Heat, Recession on Hold? (Tim Fields)
Today marks a very impressive stat - while all of our exchanges are in positive territory, the DOW specifically has something to cheer about.
Today represents the DOW’s longest streak of weekly gains since April, as it was reported that retail sales beat economists' estimates and the “Group of 20” began making some headway on Europe's debt crisis.
Also helping things get a little padded was the GOOG…
Google, which is the world's biggest Internet-search company, surged almost 5.5% after sales blew away company projections.
Apple (AAPL) was also up, but not as strong. AAPL jumped up 2.3% as the company is set to sell as many as 4 million pieces of its new iPhone 4S this weekend.
David Goerz, the San Francisco-based chief investment officer at Highmark Capital Management Inc, said, “The economy seems to be re-accelerating as the threats to growth moderate. If the economy is unable to slow much and resilient profit margins are maintained, then increasing volumes will drive earnings growth.”
This is a fantastic sign and if the Euro zone does indeed moderate and become less of a threat, the only thing we have to worry about is our own country’s awful policies, bad job numbers and an ailing economy.
Not much to deal with, right?
Commodity Update (Tim Fields)
Today we’re seeing a surge in commodity prices with oil leading the pack, followed by copper, gold and silver.
At 2:00, oil was seen almost breaking $87/barrel on the news that the G-20 and International Monetary Fund officials said the IMF may bolster its lending resources to help stem the crisis.
Michael Wittner, the head of oil-market research at Societe Generale SA in New York said, “The debt crisis is far from over but it appears that they are making progress, which is bullish for oil. Economic data, especially in the U.S., has improved recently. It’s now mixed, rather than negative.”
Phil Flynn, vice president of research at PFGBest in Chicago said, “The outlook for an IMF-G-20 plan is overshadowing all of the country and bank downgrades. The prospect of bailouts is bullish for oil. When there’s a new plan in the works it’s a signal for investors to buy commodities”
With all of this very positive news, the metals have come back and have advanced nicely.
As of this afternoon, we saw the following:
• Copper: Up $.11 or 3.4% to $3.41/lb.
• Gold: Up $16.10 or .96% to $1684/Oz.
• Silver: Up $.53 or 1.7% to $32.20/Oz.
We’re not on a solid winning streak just yet, so don’t break out the champagne… we’re going to see some significant selling next week and it’s going to take some major news from Europe to counter that.
Not that it’s a bad thing; it’s just the cyclical nature of supply/demand and profit.
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Experts Agree, “Silver Could Explode By 258% Within The Next 90 Days!”
It’s no secret that precious metals are surging unlike any other time in history…
But while gold is hitting record highs on an almost daily basis, Silver is grossly undervalued by almost 260%!
This price deficiency won’t last long, the market will eventually readjust, and when it does, the gains Silver will see are literally unprecedented.
See which company is about to profit huge on Silver, regardless of a price surge!
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Quote of the day
“America is a land of taxation that was founded to avoid taxation.”
--Laurence J. Peter--