Wizetrade: Stock Trading News: Commodities Focus for May 8, 2008
Video:
My Review:
Crude oil prices hit another all-time high of $1.23.50/barrel today. The dollar's strength is not having an impact on lowering the price/barrel. From the trader's position, the price per barrel is high and this typically means that there will be a sign of weakness in the trend, but the wizetrade charts show a strong trend and a high distance and parallel position between the red and green lines. The parallel position is the strongest position for any stock trade to be in. It shows the greatest amount of stability.
Although oil is solid, there were some people who dumped their oil stocks yesterday but there's a drastic amount of green as opposed to red in the wizetrade charts. This is most likely due in part to economists' speculation of an ongoing increase in gas prices; especially on into the summer months.
The S&P is suffering a bit today and the Dow is up from a 200 point bump yesterday. This is great news for those trading in the Dow index. The Dow is still the weakest of the four indexes but there appears to be some positive growth going into next week.
The most interesting thing I saw today on this episode of Commodities Focus, was the discussion on bio fuel, corn, and beans. You've got to watch the video for an indepth review, but the weather in the forecast in the midwest needs some rain a.s.a.p to keep the farmers on schedule for the May 15 harvest day. If your trading in any of the three markets I just mentioned, you want to start a rain dance and hope for positive growth.
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