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Friday, February 06, 2015

The Market On Friday

  Good morning. It is 4 degrees and hazy cloudy here in the Upper Hudson Valley. We are truly in the thick of Winter with very cold temperatures and lots of snow. There is a strong possibility that we get more snow through the weekend possibly Saturday and Sunday. We are up to our eyeballs in snow but one thing that cannot be denied is that the sun is getting higher and stronger in the sky.

  At 8:45 a.m. ET futures are moderately higher and the price of oil per barrel is up. The market is poised to open higher.

  The government report on January job creation shows a gain of 257,000 jobs, however the unemployment rate is slightly up now to 5.7%. So far this news is being accepted favorably. Notice that oil is now trending more towards the $50 to $55 per barrel range, but this could just be this week, we shall see. Regardless the weekend is at hand and now we can let it all go for a few days.

CNN: Stocks: 5 things to know before the open
In commodities, crude futures are rising by about 3% to trade around $52 per barrel. This marks a big comeback since oil was trading below $44 in late January. Last year, oil averaged about $93 per barrel.

2 comments:

Glynn Kalara said...

Gas going back up on a scare that Unions strike will shut down the refineries. Its all BS. Nevertheless, its interesting to watch the price go up 30 cents in 3 days when it took 3 mos. to go down those same 30 cents. I think it will go back up another 50 cents before reality sets in again and the massive oil over supply issue reasserts itself.

Jim Sande said...

That scenario is very possible. I suspect the price will yo-yo quite a bit in this next period.