Markets For The Week Ending Friday
June 21st 2008 01:00
The rating agencies have been busy this week. First Moody's reduced the credit ratings for MBIA (MBI) and Ambac (ABK) and then the automakers were put on the watch list.
S&P suggests that the companies' sales will continue to be hurt through 2009 by "deteriorating U.S. industry conditions," largely the result of high fuel prices
The effect was dramatic. For the week General Motores (GM) lost over 16% and broke a double bottom built over the last two and a half years.The point & figure chart has a downside objective of $4! Ford (F) was down over 8% and the point & figure chart has a downside objective of $0.5.
Gold closed back above $900, up $3.30 for the day, with some unusual activity in some of the golds:
Golden Star Resources (GSS) $.21 or 6.95%
Coeur D Alene Mines (CDE) $.33 or 11.3%
While oil traded in a narrow range this week, Dr. Robert Hirsch, author of "Peaking of World Oil Production: Impacts, Mitigation, and Risk Management" appeared on CNBC again and had some pretty startling predictions for oil prices over the next 3 to 5 years. Sea my post at Mover Mike, Dr. Robert Hirsch Speaks About Oil.
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