Zacks highlights commentary from People and Picks Trader “inthemoneystocks“.
For more Voice of the People, visit http://at.zacks.com/?id=5851
Oil Fades as Panic Subsides
RELATED TICKERS: Exxon Mobil Corporation (NYSE: XOM), ConocoPhillips (NYSE: COP), Chevron Corporation (NYSE: CVX) and SPDR S&P 500 ETF (NYSE: SPY).
Fear and panic have driven the oil market sharply higher over the last few days. Just last week crude oil was trading at $85 per barrel. Overnight, spot crude hit $103.00 per barrel. This massive spike was all on the back of unrest in the Middle East.
Libya is now in what appears to be a civil war but the biggest fear on Wall Street is whether or not it would spread to Saudi Arabia. There have been rumors, panic and much more but as of now, it seems it is subsiding. After hitting $103.00 overnight, oil has faded to the flat line on the day.
Oil stocks had jumped on the price spike in crude but are now falling sharply on its retreat. Exxon Mobil Corporation (NYSE: XOM) is trading at $86.04, -1.03 (-1.18%) while ConocoPhillips (NYSE: COP) is trading at $77.76, -0.81 (-1.03%). However, Chevron Corporation (NYSE: CVX) is bucking the trend, trading at $103.15, +0.88 (+0.86%).
The markets are moving on the flat line today, very muted considering the risks and swings in oil. The SPDR S&P 500 ETF (NYSE: SPY) is trading at $130.92, -0.10 (-0.08%).
The markets will remain focused on oil and the Middle East. In addition, key economic data was released today. At 8:30am ET Jobless Claims were reported to have dropped 22,000 to 391,000. This was a slightly bullish number for the markets. However, Durable Goods minus Transportation fell 3.6%. Then at 10:00am ET New Home Sales were reported down 12.6%.
The markets will begin to look at economic news again, especially with the Non Farm Payrolls number coming next Friday.
About the Zacks Community
In 2008, Zacks Investment Research launched PeopleAndPicks.com, a stock-picking website where members of the Zacks community can test their strategies and share ideas with other members. Each user is scored on the accuracy of his or her picks, and top users are rewarded with free products from Zacks. Registration is free. To learn more about People And Picks, visit http://at.zacks.com/?id=5957
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3:1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it’s your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit From the Pros by going to http://at.zacks.com/?id=5958.
Follow us on Twitter: http://twitter.com/ZacksResearch
Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
CONTACT: Brent Billock, People & Picks Manager of Zacks.com, +1-312-265-9307, email@example.com
Web Site: http://www.zacks.com
Tagged with: (NYSE: COP) • (NYSE: CVX) • (NYSE: SPY) • (NYSE: XOM) • Business • Chevron Corporation • Common stock • Companies • ConocoPhillips • Crude Oil • ExxonMobil • Industry • Investing • Markets • Middle East • Mutual Funds • New York Stock Exchange • Oil Prices • Preferred stock • Saudi Arabia • Stock market • Stock Picks • Wall Street • Zacks
Filed under: Business