Hello Traders everywhere. A drastic selloff in tech stocks has dragged the NASDAQ by more than 1% on today countering the gains made in the energy sector. North Korea's latest warnings are adding to the downbeat mood on Wall Street and in Washington as well.
Crude oil is up over 3% on the day and trading above $52 a barrel for the first time is several months. This rise is due in part to news that The Permian Basin of Texas and New Mexico holds 60 billion to 70 billion barrels of yet-to-be pumped crude oil, according to a study by IHS Markit Ltd. That's enough oil to supply every refinery in the U.S. for 12 years and have a market value of about $3.3 trillion at current prices.
Key levels to watch this week:
S&P 500 (CME:SP500): 2,446.55
Dow (INDEX:DJI): 21,709.63
NASDAQ (NASDAQ:COMP): 6,334.59
Gold (NYMEX:GC.Z17.E): 1,291.70
Crude Oil (NYMEX:CL.X17.E): 50.29
U.S. Dollar (NYBOT:DX.Z17.E): 91.16
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
