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Oil back above $71 as euro bounces from 4-year low
Oil back above $71 in Europe as euro rebounds from 4-year low, European equities rise
Buzz up! 0 Print..Topics:Currencies.
FILE - In this June 9, 2009 file photo, a Chevron customer pumps gas at a dealership in South San Francisco, Calif. Many analysts who predicted that retail gasoline prices would top $3 per gallon for a short time this summer, 2010, now are looking for prices to move lower or at least stabilize heading into the summer driver season. (AP Photo/Paul Sakuma, file)
Pablo Gorondi, Associated Press Writer, On Monday May 17, 2010, 7:55 am
Oil prices temporarily sank below $70 a barrel Monday as the dollar rose to a four-year high against the euro, but later recovered along with Europe's stock markets and its shared currency.
By early afternoon in Europe, benchmark crude for June delivery was up 4 cents to $71.65 a barrel in electronic trading on the New York Mercantile Exchange. The June contract lost $2.79, almost 4 percent, to settle at $71.61 on Friday.
Earlier in Monday's session, crude fell as low as $69.82, the lowest since $69.59 on Feb. 5, as the U.S. dollar gained against the beleaguered euro.
The Nymex contract "has dipped below the $70 a barrel mark this morning for the first time since early February," noted a report from Commerzbank in Frankfurt. "Like the price rally then, the price slump now has no visible fundamental basis, but is essentially due to a change of mood on financial markets."
Oil, which is priced in dollars, becomes more expensive to investors holding other currencies when the dollar advances.
The euro was still down to $1.2339 on Monday from $1.2352 on Friday, but up from its four year-low of $1.2237, while the British pound slid to $1.4443 from $1.4560.
Although Asian stock markets plunged Monday, most European indexes were up slightly and oil investors often look to equities as a sign of overall investor confidence.
While there was concern among investors that Europe's economy will wither amid a debt crisis and fiscal austerity measures, some analysts said the European Central Bank was letting the euro slide to help lift European exports and would wait to intervene.
"It would be a mistake to assume that a weaker euro necessarily means a slowing of European (and global) growth, nor should we conclude that a slump in the euro will act as a prolonged downward drag on commodity prices, the current relationship notwithstanding," said Edward Meir, senior commodity analyst at MF Global in New York. "Indeed ... we could see commodities decouple from the euro altogether, and start responding more to global macro readings."
As an example, Meir pointed to strong figures in U.S. April retail sales and industrial production, which normally would be seen as bullish, but which were mostly overlooked due to "the bearish undertow that engulfed most markets."
In other Nymex trading in June contracts, heating oil rose 0.21 cent to $2.0627 a gallon, and gasoline gained 0.33 cents to $2.1341 a gallon. Natural gas was up 6.2 cents to $4.374 per 1,000 cubic feet.
In London, Brent crude advanced 3 cents to $77.96 on the ICE futures exchange.
Associated Press writer Alex Kennedy in Singapore contributed to this report.
dxd...
+0.06 :(
egt...
.2405 x .2988
acls...
$2.21 x $2.55
Stock Market Timing - Published Monday, May 17, 2010, 7:25am EST
http://www.theuptrend.com/Stock-Market-Timing-20100517.htm
dxd...
v 0.08 (for the moment) :)
egt...
.2301 x .8999
acls...
$1.98 x $2,000.00
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Stock futures trade in tight range ahead of open
Stock futures trading in narrow range; euro falls to 4-year low on ongoing economic worries
Buzz up! 0 Print..Topics:International.Stephen Bernard, AP Business Writer, On Monday May 17, 2010, 6:49 am
NEW YORK (AP) -- Stock futures are trading in a narrow range as investors remain cautious about the health of Europe's economy.
The euro, used by 16 countries in Europe, fell to a four-year low Monday, though major European stock indexes rose. Investors are grappling with whether budget cuts in countries like Greece, Spain and Portugal will drag Europe into a recession.
The euro fell to as low as $1.2237, its lowest level since 2006.
Concerns about Europe's economy have overshadowed signs that the U.S. economy continues to improve.
Dow Jones industrial average futures are up 5, or 0.1 percent, at 10,614. Standard & Poor's 500 index futures are up 1.20, or 0.1 percent, at 1,136.50, while Nasdaq 100 index futures are up 1.75, or 0.1 percent, at 1,911.50.
European markets up as euro falls to 4-year low
European markets rebound though euro languishes near 4-year lows amid ongoing debt concerns
Buzz up! 0 Print..Topics:International.
A man carrying a child walks past an electronic stock price indicator in Tokyo Monday, May 17, 2010. Japan's benchmark Nikkei 225 stock average dropped 260.36 points, or 2.5 percent, to 10,202.15 on Monday on investor concern the Europe debt crisis will worsen. (AP Photo/Koji Sasahara)
Pan Pylas, AP Business Writer, On Monday May 17, 2010, 6:28 am
LONDON (AP) -- European stock markets rebounded Monday after big falls at the end of last week but the euro continued to languish near four-year lows against the dollar amid ongoing worries about the continent's sovereign debt crisis.
In Europe, the FTSE 100 index of leading British shares was up 31.94 points, or 0.6 percent, at 5,294.79 while Germany's DAX rose 23.27 points, or 0.4 percent, to 6,079.98. The CAC-40 in France was 5.91 points, or 0.2 percent, at 3,566.27.
Earlier in Asia, stocks slid as investors responded to the sharp falls in Europe and the U.S. last Friday.
Most attention continued to center on the European debt crisis as investors fretted that efforts to cut deficits and debt will kill off growth by withdrawing government stimulus from economies in Greece, Spain and Portugal. Those are key export for countries whose finances are in better shape such as France and Germany.
Last week's EU-led euro750 billion rescue package may have eased near-term concerns that the a eurozone country will default on its debt but has done little to assuage worries that the fiscal stringency being planned will work -- in an interview with German newspaper Der Spiegel Monday, European Central Bank President Jean-Claude Trichet said Europe's economy "is in its most difficult situation since World War II or perhaps even since World War I."
Those worries had weighed on expectations before the open in Europe, but stocks in any case proved to be resilient even as foreign exchange markets sold off the euro.
"Before the financial markets opened, we were quite worried that they would drop in Europe....we now see that this tendency is not as harsh as we expected it to be," said Alain Crouzat, head of Paris-based asset management firm Montsegur Finance.
However, Crouzat said the outlook for the rest of the week remains uncertain, particularly because of the sharp fall in the euro over the last week or so.
The biggest casualty from the eurozone debt crisis has been the euro, which is down 0.4 percent on the day at $1.2306 -- earlier it had fallen to a four-year low of $1.2237.
"Ongoing uncertainty regarding the economic situation in Europe is still dominating the agenda," said Ben Potter, research analyst at IG Markets.
Analysts think the euro will remain under pressure until such a time as the markets think that cogent budgetary actions are in place for all the highly indebted countries.
In a note Monday, Fitch Ratings said investors are deeply skeptical about the ability of governments to get a handle on their huge debt burdens.
"Investors now perceive record government borrowing as the principal risk to market stability and economic recovery," said David Riley, a managing director at Fitch.
Fitch estimates that European governments will need to borrow euro2,200 billion in 2010 to finance large deficits and roll over existing debt -- up marginally on 2009, which was the largest borrowing requirement for decades.
"While the package of measures announced last weekend will moderate euro Area governments' vulnerability to 'confidence shocks' and extreme market volatility, investor confidence will remain fragile until European governments, including the UK, are seen to be delivering on fiscal consolidation and the economic recovery is secured," Riley said.
No dramatic turnaround in stock market sentiment is expected at Wall Street's open -- Dow futures were down 23 points, or 0.2 percent, at 10,586 while the broader Standard & Poor's 500 futures fell 1.9 point, or 0.2 percent, at 1,133.40.
Earlier in Asia, stocks fell sharply as investors worried about the impact of Europe's debt crisis on global growth.
Japan's benchmark Nikkei 225 stock average dropped 226.75 points, or 2.2 percent, to 10,235.76, while South Korea's Kospi lost 2.6 percent to 1,651.51 and Australia's S&P/ASX 200 index was down 3.1 percent at 4,467.20.
Hong Kong's Hang Seng index lost 2.1 percent, while Thailand sank 2.1 percent.
Benchmark crude for June delivery was down 92 cents to $70.69 a barrel in electronic trading on the New York Mercantile Exchange. The June contract lost $2.79, almost 4 percent, to settle at $71.61 on Friday.
Associated Press Writer Alex Kennedy in Singapore and AP Business Writer Greg Keller in Paris contributed to this report.
Oil falls below $70 as euro sinks to 4-year low
Oil falls below $70 in Asia as euro, equities drop as traders eye Europe debt crisis
Buzz up! 0 Print..Topics:International.
FILE - In this June 9, 2009 file photo, a Chevron customer pumps gas at a dealership in South San Francisco, Calif. Many analysts who predicted that retail gasoline prices would top $3 per gallon for a short time this summer, 2010, now are looking for prices to move lower or at least stabilize heading into the summer driver season. (AP Photo/Paul Sakuma, file)
Alex Kennedy, Associated Press Writer, On Monday May 17, 2010, 5:44 am
SINGAPORE (AP) -- Oil prices dropped below $70 a barrel Monday in Asia as the euro sank to a four-year low and stock markets tumbled on investor concern Europe's economy will wither amid a debt crisis and fiscal austerity measures.
Benchmark crude for June delivery was down $1.64 to $69.97 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The June contract lost $2.79, almost 4 percent, to settle at $71.61 on Friday.
Crude fell as low as $69.82, the lowest since $69.59 on Feb. 5, as the U.S. dollar gained against the beleaguered euro, which was at a four year-low. Oil, which is priced in dollars, becomes more expensive to investors holding other currencies when the dollar advances.
The euro fell to $1.2279 on Monday from $1.2352 on Friday while the dollar slid to 92.03 yen rom 92.30 yen.
Asian stock markets also plunged Monday, and oil investors often look to equities as a sign of overall investor confidence.
"It's a sea of red out there," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. "The euro concerns have really impacted confidence among investors across markets."
"Oil will be under pressure as long as the dollar is surging," he said.
In other Nymex trading in June contracts, heating oil fell 3.11 cents to $2.0393 a gallon, and gasoline fell 3.77 cents to $2.0931 a gallon. Natural gas was steady at $4.313 per 1,000 cubic feet.
In London, Brent crude was down $1.08 to $76.85 on the ICE futures exchange.
Asian stocks plunge as euro falls to 4-year low
Asian stock markets plunge as Europe's debt crisis drags euro to 4-year low
Buzz up! 0 Print..Topics:International.Alex Kennedy, Associated Press Writer, On Monday May 17, 2010, 5:43 am
SINGAPORE (AP) -- Asian stock markets tumbled Monday while European equities were mixed after investor concern that the Europe debt crisis will worsen sent the euro to a 4-year low.
In early trading in Europe, Britain's FTSE 100 rose 0.2 percent, Germany's DAX index was little changed, and France's CAC-40 slipped 0.7 percent.
Investors in Asia weren't convinced last week's $1 trillion bailout package will keep a sovereign debt crisis from spreading from Greece to other European countries. Chinese shares sank to a one-year low.
In an interview with German newspaper Der Spiegel to be published Monday, European Central Bank President Jean-Claude Trichet said Europe's economy "is in its most difficult situation since World War II or perhaps even since World War I."
"The market is concerned that the euro could trigger another financial crisis," said Linus Yip, a strategist with First Shanghai Securities in Hong Kong. "I don't think that's likely, but that's the fear out there."
The euro fell to $1.2294 on Monday, the lowest since 2006, from $1.2352 on Friday.
Asian investors were concerned that cost-cutting fiscal measures being taken by Greece, Portugal and Spain could hamper a recovery in the eurozone economy and undermine export demand.
Japan's benchmark Nikkei 225 stock average dropped 226.75 points, or 2.2 percent, to 10,235.76, while South Korea's Kospi lost 2.6 percent to 1,651.51 and Australia's S&P/ASX 200 index was down 3.1 percent at 4,467.20.
China's benchmark index in Shanghai tumbled 5.1 percent to a one-year low amid investor concern the government will further tighten credit markets to slow economic growth.
Hong Kong's Hang Seng index lost 2.1 percent, India slid 1.6 percent and Thailand sank 2.1 percent.
On Wall Street on Friday, the Dow Jones industrial average fell 162.79 points, or 1.5 percent, to 10,620.16.
In currencies, the dollar edged down to 92.10 yen in Tokyo from 92.30 yen in New York late Friday.
Benchmark crude for June delivery was down $1.64 to $69.97 a barrel in electronic trading on the New York Mercantile Exchange. The June contract lost $2.79, almost 4 percent, to settle at $71.61 on Friday.
XOXOXO...LOVED HIM !
good night
Leonard Cohen - Dance Me to the End of Love
brings out the native in me ;o)
Ray LaMontagne - Let It Be Me
Whassup With That~~Chairman of The Board
http://music.myspace.com/index.cfm?fuseaction=music.artistalbums&artistid=22585930&albumid=12770547
Give it to Me Right by Melanie Fiona
yeah !!!!
How Can You Mend A Broken Heart- Al Green
Lamont Dozier - Trying to hold on to my woman
good find !
Unchained Melody - Il Divo
fantastic !
Wyclef Jean feat. Patti Labelle~~Celebrate
another gal with a set of lungs..lol
http://www.myspace.com/wyclefjean/music/albums/the-preacher-s-son-28434
she has a set of lungs; doesn't she?
Mary J. Blige - Family Affair
Ball and Chain~~Etta James
sam & dave~~when something is wrong with my baby
http://music.myspace.com/index.cfm?fuseaction=music.artistalbums&artistid=18122039&albumid=10534697
Lie To Me~~Jonny Lang
http://www.myspace.com/jonnylang/music/albums/lie-to-me-6932
Feels Like Rain - Aaron Neville
http://www.myspace.com/aaronneville504/music/albums/warm-your-heart-3954
Dwight Yoakam - A Thousand Miles From Nowhere (1993)
http://www.myspace.com/dwightyoakam/music/albums/the-very-best-of-dwight-yoakam-8476816
NEIL YOUNG-LIKE A HURRICANE
http://www.myspace.com/neilyoung/music/albums/american-stars-n-bars-8670427
Joe Bonamassa - If Heartaches Were Nickels
http://www.myspace.com/jbonamassa/music/albums/a-new-day-yesterday-12430347
Bettye Lavette - Let Me Down Easy
If You're Not Back In Love By Monday~~Millie Jackson
http://music.myspace.com/index.cfm?fuseaction=music.artistalbums&artistid=18769640&albumid=10907789
i have a video i think drummer would have loved...should i post it? lmao