Tuesday, February 19, 2008

Bear day

Sizable open for the markets after the extended weekend only to sell-off later in the day. The way things are setting up seems like more downside to come (looks a bit bear-flag-ish). 18 of the last 22 days have closed below the 1363.98 level on the S&P500 index, which is the low from March 14, 2007. Meanwhile, commodities are getting comfortable in their upper range of their 52-week price channels. From Wheat to Soybeans, Silver to Oil, the bull market in commodities runs on. Gold was up over $20/oz. today to settle at $929.80/oz. and Oil finally closed above (barely) $100/barrel.
Meanwhile, some stocks that aren't feeling the bear market pain include: DVN, PBR, CHK, COG, HP, KWK, XEC, RRC, MTL, MOS

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