Wednesday, March 31, 2010
Dollar, Oil, Gold Review
Who said it would be a quiet holiday week? End of the quarter, Jobs Report, and off shore drilling all moving the market.
Several charts today, first the dollar having crossed over resistance at 81 on Euro concerns, we may see the dollar break below that support/resistance. News prior to the open from the ADP employment survey should a negative 20,000 new jobs. Not good and may present a negative bias to Friday's Jobs Report. That could mean a weaker dollar, should be interesting with markets closed for Good Friday.
Crude oil is also at stiff resistance $83, a weaker dollar could send it over and higher. News from President Obama that he is considering aloowing US Offshore drilling should rally energy stocks. However, this appears to be a movce to get a favorable support for Cap & Trade... >>READ Itz portfolio has Transocean (RIG), Pride Int'l (PDE), Suncor Energy (SU), Pennwest (PWE) & PennGrowth (PGH).