Friday, June 3, 2011

Oil, S&P500 ~Market Update

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The report from the Labor Department, which showed the economy added just 54,000 jobs in May, was not a surprise as much as another disappointment. Investors had been digesting weak signals about the economy in recent days, with gloomy reports on jobs, manufacturing and auto sales that helped to send stocks down by more than 2 percent this week to their biggest declines in percentage terms since last August.
The Labor Department report also showed that the unemployment rate rose to 9.1 percent from 9 percent in April. Nonfarm payrolls had climbed by 232,000 jobs in April. May’s number was well below the 165,000 forecast by analysts in a Bloomberg survey. BLS Alternative measures of labor underutilization

WTI Oil is trading around the $100 per barrel level, +/- $2, ITZ noted yesterday that near term it could see $95/$96 on the downside while resistance at $105/$106. Longer term looking at the gold-4 month lag chart. Itz here sees oil heading higher targeting $120 by year end. For Futures Quotes Click Here

For Past ITZ Posts Click Here

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