Wall Street Strategies
Hello! Sign in or Register


Take a Free Trial
Try Charles' premium stock selection services free for 7 days. Check it out in real time!
You will get actionable advice, trading ideas and email alerts.

Market Commentary

Oil Down Again
By Charles Payne, CEO & Principal Analyst
6/14/2017 12:33 PM

The market is largely unchanged this afternoon after a slightly higher opening, it has slipped with another hit to the price of crude oil.  On that note crude oil inventories have declined in nine of the past ten weeks after peaking at 535.5 million barrels for the week ending on March 31. 

The problem today is the drawdown of crude was short of consensus and hence the selling has crude off more than 3%. The reaction seems harsh in light of the longer term trend of successive declines, but it reinforces the notion of limits to demands in the face of massive supply.

Now West Texas intermediate must hold $45.00 (on closing basis) from a technical point of view, or call for a “three handle” will reemerge.

Questions about the consumer are not cleared up this morning after the release of May Retail Sales which missed consensus. 

U.S. Retail Sales

Internet is higher month-to-month and year-to-year along with grocery and clothing. However, I’m surprised about clothing since pricing has come down dramatically. 

I continue to think building materials/home improvement is the place to be invested.  

May Retail Sales

M/M

Y/Y

Motor Vehicle

-0.2

+3.7

Automobile

-0.2

+4.1

Electronics

-2.8

-1.8

Building Materials

-0.0

+10.8

Grocery

+0.1

+2.2

Health & Personal Care

-0.0

+0.4

Gasoline Stations

-2.4

+6.2

Clothing

+0.3

+1.0

Sporting Goods

-0.6

-4.7

Department Stores

-1.0

-3.7

Restaurants

-0.12

+2.7

Internet

+0.8

+10.2

Retail

-0.3

+3.8

 

As for the overall market, I like the overall resolve as former pivotal resistance points are holding as support.


 

Add a Comment!

Name:
Email:
Comment:
 
 
Submitted comments are subject to moderation before posting.


BLOGROLL
Differential Research


Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Updated Privacy Policy | Terms of Use |
All Rights Reserved.