Energy Oil prices dropped today again today down another 2% closing at $54.16/bb. The energy sector was down by 3.4%. Dow 30 energy participants Chevron (CVX) moved lower by 2.17% closing at $115.18/share & Exxon (XOM) closed lower by 2.99% closing at $67.49/share. Occidental Petroleum (OXY) closed at $42.37/share down 5.21% after their recent sale of $13 billion of debt to fund their Anadarko Purchase.
Metals & Mining Gold prices shot higher over $1500/oz level at $1529.5/oz. Silver jumped and closed at $17.53/oz. Hecla Mining Company (HL) closed at $1.67/share up 5.70%.
EconomyWednesday we received the existing home sales report which confirmed a 2.5% increase m/m in July resulting in a seasonally adjusted annual rate of 5.42M. Total sales came in .6% higher than a year ago. The weekly MBA Mortgage Applications Index report showed a decline of .9%. Thursday, we received the initial jobless claims report and moved lower to 209,000 for the week ending August 17 & continuing claims dropped to 1.674 million for the week ending August 10. The Conference Board’s Leading Economic Index (LEI) moved up .5% in July.
Day or Short Term Trading Update Last Thursday’s buy of Bloom Energy ( BE) at $5.06/share and $4.99/share paid off as it surged to $5.70 about a 14% move. We were seeking a swing back up to at least the high $5’s after its recent beat down and we got it. We identified San Jose, CA’s Zscaler (ZS), a cloud-based web security provider, as a a bounce play after it got slammed earlier this week after being downgraded and closed down at $70.80. ZS popped then to $74.51/share for an approximate 5% gain. The Hain Celestial Group (HAIN) was also identified as another bounce play. HAIN shares closed trading at $18.36/share Wednesday after a recent analyst downgrade and a simultaneous price drop from the $22 level that seemed to be triggered by fears surrounding The Brexit issue and associated near term timeline. Shares rose Thursday to an intraday high of $18.99 and then closed at $18.91 for 3% move. Nothing to report on Friday in this department.
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