Monday, June 27, 2005

High Oil and Fed Holding Stocks Down

Oil traded up to $60.95 for the August futures contract today. A barrel of light sweet crude finished the day trading up $0.70 to $60.54. If you don't own any energy stocks you are getting hammered. Few stocks are breaking out; one of the exceptions seems to be Google (NASDAQ: GOOG). Which continues to surge higher.

This is going to be a crazy week. With more economic data coming out on Thursday, the FOMC meeting on interest rates on Friday, as well as Mutual Funds closing their books on Friday for the end of the quarter. Look for heavy volume in the hot stocks that mutual funds missed earlier and are now buying, such as Google, the energy stocks, homebuilders, and some select healthcare stocks.


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