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"Stocks in the Spotlight"
-Futures -
September-- 3 -- 2010
UPDATED WEEKLY
PRECIOUS METALS
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GOLD (CMX)
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SILVER
(CMX) |
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PLATINUM
(NYM) |
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| Old
Yeller closed at
$1,249.20, up + $13.20
on
the week and up +
$13.20 for September. Gold compared to up +
$55.90 for June, off - $-95.40 for July and up +
$21.10 for August (weekly close). The
"weekly" closing high is $1,257.20, (6/18/10). Looking at the charts above we can see the general trend is still higher on all the metals, with gold closing back over the $1,100 to the ounce level for the 27th week and over the $1200 level for week 5, after staying under it for 3 weeks. The trend still looks like higher ground ahead. The Metals were stronger on the week, with most metals moving higher on the week. Look for gold to continue higher over the near term. OK to buy stock in the mining companies as an alternative to owning the actual metal. |
CURRENCY
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British
Pound |
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Euro |
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Japanese
Yen |
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| The pound lost for week 2, after gaining 4 weeks, after
losing 1 week, while the euro gained on the week, after losing 1 week, after
gaining 2 weeks. The yen gained for week 4, after losing 1 week, after gaining 1 week. The euro has
remained over the dollar for 397 straight weeks with the support base near the 125
level (center chart above). This weeks close is back over the $125
support level for week 7, after remaining under it for 5 weeks. A support
level not seen since April 2006. The dollar was mixed to lower against most other currencies on the week, blamed mostly on a weak jobs report ion the U.S.. Look for a weak dollar for a bit longer. |
OIL - LIGHT CRUDE
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LIGHT CRUDE
(NYM) |
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Friday's close (September's futures) is $75.17 a barrel, versus the week before at $73.46, three weeks ago at $75.39 and $80.07 four weeks ago. Eighty three weeks ago a barrel of oil closed at $33.87, a price not seen since February/ 2004. The record "weekly" closing high is $146.65 a barrel on 7/11/08. Oil prices climbed back a bit on the week but worries of a world oversupply are still strong. The price of a barrel of oil closed back under the $80 level for week 3, after staying over it for 1 week, over the $70 level for week 34, over the $60 level for week 57 and over the $50 level for week 75. The record high of $146.65 was set 100 weeks ago. The $75 support level is a strong level and could hold here for awhile. |
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Oil prices effect the entire world because, in one way or another, we all use oil Crude Oil prices were at a low of $11.26 a barrel in February of 1999. |
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MEMBER LIST |
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J.R. Budke has been a stock broker since 1981, an options principle since 1982 and a branch office manager since 1987. He is currently inactive as a stockbroker as of 12/31/99. J.R. has been writing the articles and opinions for the Stocks in the Spotlight, in conjunction with the editor B.G. Santos, since 1990. The stories and stocks found on this site, or any "Stocks in the spotlight" written material, are the opinions of J.R. Budke unless other wise stated and are opinions only and are not to be construed as advice. You should not purchase any stocks solely on the opinions found on the "Stocks in the Spotlight's" web site or in any of it's written material. You should also be aware that options are not for everybody and carry a high degree of risk. You should always consult with your broker or investment advisor before purchasing any stock. |
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