Utilities Drop Big
August 1st 2008 22:03
Did you see the close on the Utility average (DJUA)?
The weekly closing low wiped out the last two major closing lows going back to this time last year. That completes a head and shoulder top with a target, IMO, of 380 to 400! Just today, the average lost over 15 points or 3% (See chart)
It wasn't interest rates that did the utilities in, today. They were all slightly lower. It wasn't energy. Crude oil was up to $125.10, $1.02.
AES Corp (AES) was down 3.78%
Dominion Resources, Inc. (D) was down 3.80%
Edison International (EIX) was down 3.19%
Exelon Corp. (EXC) was down 4.04%
F P L Group Corp. (FPL) was down 5.10%
PG&E Corp. (PCG) was down 3.58%
Public Service Enterprise Group, Inc. (PEG) was down 3.64%
Besides rising costs, and rising interest rates, there is demand for electricity and costs of new construction that affect stock prices. I'm betting the utilities are talking loudly about the economy.
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