FED SETS OVERNIGHT REPOS; ACCEPTS $8.75B
FED SETS 5 DAY REPOS, ACCEPTS $16B
FED SETS 14 DAY REPOS, ACCEPTS $5.0B
DOE CRUDE: -8.9M V -300KE; GASOLINE: -3.26M V -200KE; DISTILLATES: +1.64M V +1ME; UTILIZATION: 87.9 % V 88.4%E
*API:
- Crude: -8.7M- Gasoline: –3.04M
- Distillate: -266KEIA NATURAL GAS INVENTORIES: +87 BCF VS. EXPECTED RANGE OF +80 TO +85 BCF
APRIL HELP WANTED INDEX: 19 V 19E
From the FDIC, a little more bleak news:
FDIC REVISES Q4 2007 BANK INDUSTRY EARNINGS TO $646M FROM $5.8B, 90 BANKS ON PROBLEM LIST AT END OF Q1 V 76 Q/Q
- Banking industry earnings in the U.S. continued to be weak during the first quarter of 2008, as the number of "problem" banks continued to grow and firms continued to set aside billions to cover delinquent loans that grew across most loan categories.
- banks reported net income of $19.3B for the first three months of 2008, a 45.7% decline from the $35.6B earned in the first quarter of 2007. More than half of all FDIC-insured firms reported lower net income in the first quarter.
3 Comments
May 29th, 2008 at 11:02 am
Lisa,
could you kindly put up $GOLD chart with support levels …
thk u
May 29th, 2008 at 11:09 am
http://www.kitco.com/charts/livegold.html
seeblog;
go to this site for Gold charts. I can’t put up any charts right now, but as soon as I can I’ll get the GLD chart up.
May 29th, 2008 at 11:43 am
Today may provide a “tell” on the short term price of oil. You would expect that a drop in crude inventories would mean a strong spike in the price of crude. “IF” we see only a very modest increase or a decline in oil today, it could be a sign that we have hit a short term top in oil. Of course if oil finishes higher…all bets are off.
I am still holding DUG, but that is not necessarily a great instrument to short oil because DUG does not directly correlate to oil prices. It has refiners and other oil holdings.