Five Names To Watch
Gold was the only bright spot today.Â
After
yesterday’s big move, June gold
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upside. With the current tensions in the Middle East and Japan’s recent economic
slowdown, many investors have flocked to gold. June Gold affects the movement of
the PHLX Gold & Silver Index
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stocks, such as Anglogold
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Mining
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and Placer Dome
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pattern on the daily chart. Resistance is at 305.00. June gold
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Other precious metals were mixed. May silver
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Stocks tumbled today after disappointing
quarterly results for General Electric
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recovery in corporate profits.
A downgrade for Yahoo
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IBM
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The June Dow Jones Industrial Average futures
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or 2.09%, to 10170.00 after jumping on Wednesday. It was the worst decline in
the Dow industrials since February 4, when the blue-chip indicator sank 220.17
to 9687.09.
Meanwhile, the June Nasdaq 100
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34.00, or 2.49%, to 1331.50.
The June S&P 500 futures
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closed at 1103.900 down 28.100 or 2.48%. This level is below the 1104.00
support.
Oil futures dropped sharply Thursday after the Organization of Petroleum
Exporting Countries hinted that it might boost production if prices continue to
spike.
May crude-oil futures
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$24.99 a barrel on the New York Mercantile Exchange. May unleaded
gasoline
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May natural gas
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thermal units and May heating oil
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4.61% to 64.71 cents a gallon.
Prices slid after many Gulf states took action to reassure the market. OPEC said
Thursday that it might mull an output hike should oil prices continue to rise.
OPEC Secretary General Ali Rodriguez also said that Iran and Libya have
officially stated they won’t participate in Iraq’s oil embargo.
Grain and soybean futures trickled lower on the Chicago Board of Trade,
pressured in part by weak export sales. Corn continued its downtrend today
slipping below the $2-a-bushel mark after the U.S. Department of Agriculture
reported that net corn export sales were down 54% from the previous week. May
corn
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delivery fell to $2.70 3/4 a bushel down 1 3/4; May soybeans
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fell to $4.58 1/4 a bushel.