Could We Rally Despite Bad News?
Source: http://blogs.moneyandmarkets.com/blog/red-hot-energy-and-gold/0/0/could-we-rally-despite-bad-newsPosted on Wednesday, July 2nd, 2008 | In Current Market News, Energy Markets, Gold Markets
We should see Wall
Street start off with a nice rally this morning, though I won’t place a
bet on where the day ends. Markets are terribly oversold and
yesterday’s action ended in a bullish reversal on high volume at
support — that’s VERY bullish.
And yet we seem to get more terrible news all the time …
BAD NEWS FOR THE CONSUMER …
June
auto sales plunged, according to reports from the nation’s major
automakers, as Americans shunned pickups and SUVs in the face of record
gas prices. General Motors reported that its U.S.
sales fell 18% in June versus a year ago. Sales of GM’s light trucks,
which includes pickups, SUVs and so-called crossovers, tumbled 16%.
GM’s car sales dropped 21% in the month.
BAD NEWS ON INFLATION …
Manufacturers struggle to overcome rising prices
NEW
YORK – Each week, Ira Cooper opens a letter from another supplier with
the same message as the last: We’re raising our prices, effective
immediately. We can’t tell you how long the new prices will last.
“We used to get quotes good for six months,” said Cooper, president of QED Inc., a lighting company based in Lexington, Ky. “Now you’re lucky if you can get a quote good for 15 days.”
Manufacturers
of everything from wallpaper to cereal are feeling the same hit. The
Institute for Supply Management said Tuesday that its index of prices
manufacturers pay for raw materials hit 91.5 in June, up from 87 in May
and the highest reading since 1979.
BAD NEWS ON WEATHER
African disturbance 92L could develop into tropical depression AND US Midwest floods show impact of global warming
Last 5 posts by Sean Brodrick
- The Golden Phoenix - February 25th, 2009
- Blessing in Disguise - February 4th, 2009
- What I'm Reading Today - January 7th, 2009
- Gold and Oil Short-Term Trends - January 7th, 2009
- Is Gold Poised for a Pullback? - January 6th, 2009
Auto Sales, Automakers, Bad News, Bet, Car Sales, Cereal, Consumer Auto, Current Market News, Energy Markets, General Motors, global warming, Gold Markets, High Volume, Institute For Supply Management, Lexington Ky, Light Trucks, Lighting Company, Midwest Floods, Qed Inc, Raw Materials, Record Gas Prices, S Sales, Tropical Depression
 About Sean Brodrick (http://blogs.moneyandmarkets.com/blog/red-hot-energy-and-gold)
Sean Brodrick joined Weiss Research in 2000 as an analyst, bringing more than 25 years experience as a journalist and financial analyst to the position. He is Weiss Research’s small-caps specialist, especially in natural resources, and is the editor of the company’s Red-Hot Canadian Small-Caps, as well as a regular contributor to its daily e-letter, Money and Markets. Previously, Mr. Brodrick was the investment director of The Sovereign Society, the world’s leading publisher of offshore asset protection strategies and global investment opportunities. Recognized for his expertise on natural resources and Canadian and Australian investment opportunities, Mr. Brodrick has been featured on many financial talk shows, including CNBC Squawk Box, Fox Business, CNN, The Glenn Beck Show, Your World with Neil Cavuto and Bloomberg Market Line. He is a weekly guest on Market Matters Radio, a contributing columnist to MarketWatch.com and a frequent commentator on one of Canada’s premiere financial websites, HoweStreet.com. His report, “70 Days to Empty,” has garnered acclaim for its analysis of the forces pushing America toward its next oil crisis and was described by The Daily Reckoning as “the most important report you’re likely to read this year,” while his knowledge of uranium has helped investors earn solid gains on the commodity. Mr. Brodrick holds a B.A. degree from the University of Maine. |
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