Good Morning 6/29
7:22 AM Posted by MH
Investors are looking to start a holiday-shortened week on a positive note.
U.S. stock futures are slightly higher in early trading Monday, amid mixed moves in overseas markets. Stocks in Asia were lower, while European markets advanced.
The dollar was mixed against other major currencies, while gold prices rose.
Light, sweet crude for August delivery rose 47 cents to $69.63 in electronic trading on the New York Mercantile Exchange.
June 2nd Review
8:04 PM Posted by MH
Positions traded for a lose : none
Holding positions : MPG / VG / NWD / ACLS / BEE / BQI / MXC / DPTR / FTK
Today was a just consolidation day from yesterday's big rally. Most of indices broken previous resistance but not really much. We shall see what happens tomorrow with this move, possibly back to 8600 mark again or go up higher, never know. Either way, we going to see more uptrend for next few months. I think we can see 9,000-10,000 mark sooner than I thought. Oil settles above $68,which is good for my oil plays^^, and dollar continues dropped.
I sold SMCG today, not greedy, gained 26% from my first entry :)
and picked up some FTK with this money.
FTK - another oil related stock, Oil driller. With current oil price, this thing is dirt cheap here, back in Jan 2009 when oil was at low 50s, it was trading around $4.50, and now $2.50???? Can you believe this? I think it is lagging big time here and will noticed soon with oil momo.
어제의 빅 랠리에도 불구하고 오늘 장은 제 눈에는 굉장이 좋아 보였습니다.
물론, 4일간의 연속 랠리와, 지난 몇달간의 상승이 조금 부담스럽긴 하지만 중장기적으로는
상승세를 예상해 봅니다. Don't chase any stocks, they will pull back 이란 말을 해주고 싶군요. 몇달간의 상승이 있었으니까 어느정도의 풀벡을 예상하셔서 신중하게 플레이하시기 바랍니다.
-Market Hunter-
Oil extends gains, rises on weak U.S. dollar
9:16 PM Posted by MH
PERTH (Reuters) - Oil prices extended the previous session's gains and rose toward $62 a barrel on Monday, hovering near a six-month high, thanks to a weak dollar and on short-covering amid the U.S. Memorial Day holiday weekend.
Expectations the Organization of the Petroleum Exporting Countries (OPEC) would keep its official production targets unchanged during its meeting on Thursday also supported prices.
U.S. crude futures for July delivery rose 28 cents to $61.95 a barrel by 2349 GMT. The contract settled up 62 cents at $61.67 a barrel on Friday, boosted by data showing a big increase in Chinese demand, along with a weak dollar.
London Brent crude rose 38 cents to $61.16.
"The big factor driving up oil prices over the past week is the sharp decline in the U.S. dollar. If the dollar continues its downtrend, that should be a very supportive factor for oil," said Toby Hassall, head of research at Commodities Warrants Australia.
"As for OPEC, there is a very broad consensus that it will keep its quota unchanged."
Despite reassurances from Moody's that said on Friday it was comfortable with the triple-A sovereign rating on the United States, investors continued to sell the greenback and pushed the dollar lower on Monday.
Persistent selling of the U.S. dollar has pushed it to its lowest level this year. The dollar index .DXY was down 0.15 percent early Monday, after suffering its biggest weekly drop in two months last week.
Oil prices rallied around $4, or 9.5 percent last week, boosted by a spate of U.S. refinery problems and unrest in major oil exporter Nigeria, and are nearly double their lows hit in December on hopes the economic recession is easing.
Saudi Arabian Oil Minister Ali al-Naimi said OPEC would "probably stay the course" when it meets this week as he forecast a pick up in demand and prices eventually rising toward $75 a barrel.
Algeria's oil minister said OPEC was unlikely to cut output at its meeting next week amid a weak global economy, warning compliance with previous supply cuts had slipped in April and needed to be tightened first.
Separately, China wants to set up a 3 million tons reserve of oil products this year, which is practically impossible, a researcher at a think-tank run by the country's top oil refiner Sinopec Group, was quoted as saying on Sunday.
Crude oil speculators on the New York Mercantile Exchange steeply increased net long positions in the week to May 19, according to data from the U.S. Commodity Futures Trading Commission released on Friday.
