Thursday, June 3, 2010
Phil Flynn: Oil Prices Rise On Leaked Information
Do you think he knows something? Now that is just one day after the Vice President Joe Biden said that the upcoming May employment report would show a much larger number of jobs created than in the previous month, when 290,000 jobs were added. Do you think he knows something? Ok, silly question. But of course the market took the President seriously anyway helping to drive stocks and the oil market higher.Why oil? Well based on improving US demand expectations on better US jobs outlook we might actually consume more oil.
That thought was enforced by some pretty strong auto sales data. It seems that in the Month of May while the stock market was tanking auto sales were soaring! Maybe some people were taking their stock profits to buy new cars. Ford, GM and Chrysler all saw double digit sales gains over May of a year ago according to the AP. The AP reported, “May marked the seventh straight month of year-over-year sales increases for the auto industry. Ford Motor Co., General Motors Co., and Chrysler Group L.L.C. saw double digit sales gains over the same month last year, when GM was headed into bankruptcy, joining Chrysler”.....Read the entire article.
The Truth Behind Penny Stocks....A Video Blue Print