Todays market action has been pretty volatile.. down more than 100 points at one point but ended in green by the end of the day. Labor department announced a sharp decline in nonfarm pay rolls.. THe unemployment rate stands at 6.1% now.. up about 40 basis pionts from last month.. the highest since 2003. Later in the day, financials rallied, and did the commodities too.. on no particular news.. I guess, this is just a buy in on a last day of the week.
Coal stocks intrigue me a lot. Oil had hit a peak of 147 sometime in june, and thats when the oil&gas stocks peaked. When oil started its trend down stairs in an elevator, no energy related stock was spared.. and surprising for me, the coal stocks followed suit.. Irony is that the Coal prices in the futures market, and teh spot market have not come down.. There is a big disconnect between the prices of coal and the stock action.. Did the fundamentals change?? Nada.. I am hoping for a big time come back for coal stocks..
and gold and dollar.. yet another hard nut to crack.. I am loosing my brother's savings a lot betting on these stocks!!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment