| CommStock Israel Investor Insights Newsletter
Monday, November 24, 2008
1) Gas prices continue to fall
Average U.S. price falls
to $1.953 a gallon, according to national daily survey.
By Kenneth
Musante, CNNMoney.com staff writer
Last Updated: November 22, 2008: 10:46 AM ET
NEW YORK (CNNMoney.com) -- Gasoline prices continued
to sink, falling for the 66th day in a row, according to a national
survey of gas station credit card swipes released Saturday.
The average price of gas in the United States fell to
$1.953 a gallon, shedding 3.6 cents from the previous day, motorist
group AAA said.
Gas prices have shed $1.902 over the past 66 days, and
have fallen more than 50% since hitting a record average price
of $4.114 in mid-July.
Gas has already dipped below an average of $2 a gallon
in 33 states, and continues to sell below $3 on average in all
but the most expensive state - Alaska. Gas was cheapest in Missouri
at an average of $1.652, according to AAA.
Diesel: The price of diesel fuel, which
is used to power most trucks and commercial vehicles, fell to a
national average of $2.868 a gallon from $2.895 a day earlier,
according to AAA.
Diesel prices have fallen nearly 40% since hitting a
high of $4.845 in July.
Prices at the pump have been falling along with the
price of crude oil, the main ingredient in all petroleum fuels.
Crude investors have been concerned that as the global economy
slows, demand for fuel will fade worldwide.
Oil prices on the open market have fallen more than
60% since mid July. On Friday, oil futures settled at their lowest
levels since May 2005.
Ethanol: Meanwhile the price of E85,
an 85% ethanol blend made primarily corn, has also fallen to $1.681
a gallon from $1.698, according to AAA.
E85 can be used as a gas substitute in special configured "flex-fuel" vehicles.
However it is difficult to find outside of the corn-producing Midwest
region, and it is not sold at the pump in some states.
The AAA figures, compiled by Oil Price Information Services,
are state-wide averages based on credit card swipes at up to 100,000
service stations across the nation. These are state-wide averages,
and individual drivers may see lower fuel prices in different areas
of each state.
2) Commentary by David Zwebner, CEO of CommStock
Trading
U.S. Economy - Dollar Steady,
Gold Higher
Many are hoping that the panic for dollars will end soon and the
U.S. dollar index did trade lower early this morning. However,
it didn't last long and the December U.S. dollar index finished
up .12 at a new contract high of 88.415. The September eurodollars
were down .135 at 97.98.
Metals
The World Gold Council said that world gold demand totaled 1,133
tons in the third quarter of 2008, up 18% from a year ago. February
gold jumped up $43.00 to $792.40, the highest close in a month.
Yesterday, the International Copper Study Group said
that world copper production exceeded use by 125,000 tons in August.
In the first eight months of 2008, world copper production outweighed
use by 75,000 tons, up from a surplus of 22,000 tons a year ago.
March copper ended down .0010 at $1.5790.
Grains and Cotton
March corn fell 27 cents to $3.53, the lowest close in over a year,
hurt by the ongoing financial crisis and talk of increased chances
for rain in Argentina. March wheat closed down 15 cents at $5.16,
also the lowest in over a year.
March cotton finished up 1.89 cents at 41.80, helped
by bargain-hunting after prices closed at a new contract low yesterday.
Energies
February crude oil ended up .55 at $50.96 after a rough week of
deflation.
Currencies
Japan's Cabinet Office said in today's monthly report that the
economy has weakened again for the second month. The Bank of
Japan met, kept the interest rate at .30%, and said that they
will consider adding funds to the economy to help improve liquidity.
Also, Japan's Finance Minister let it be known that he may consider
intervening to bring the yen down from "undesirable" levels.
The December yen closed down .0059 at 1.0520.
A composite index of manufacturing and services in the
Euro area 15 fell from 43.6 to a record low 39.7 in November, a
sign of increased contraction. The December euro ended down .0004
at $1.2496.
Statistics Canada said that consumer prices were up
2.6% in October from a year ago, down from a 3.4% annual gain in
September and less than expected.
Insee reported that consumer spending in France was
down .4% in October
David Zwebner, CEO
CommStock Trading Ltd.
Tel: +972-(0)2 624-4963
Fax: +972-(0)2 624-4876
www.ecommstock.com
3) A Fan of Forex?
Interested in reading perspectives and analyses on the
Forex market? In learning what factors affect the Forex market
every week and what to be on the lookout for? In getting trade
recommendations? Email mona@ecommstock.com to
get your copy of a weekly Forex report.
4) Closing Prices for Friday, November
21, 2008
Amidex: Amidex35 (Class No Load Shares),
$8.87; Index, 1128.14, Daily Change, 1.30%; “A” Shares NAV, $6.84.
Global Asset Management: Capital
Appreciation, $166.58; Composite Absolute Return, $779.97; Diversity,
$669.45; GAMCO, $510.28; Interest Trend, $165.73; Trading IV-US$
Class, $145.62; US$ Special Bond Fund, $310.84.
Invesco: Asian Equity Core, $2.43; Bond, $25.01;
Emerging Markets Bond, $13.49; European Bond, EUR 4.3789;
Gilt, GBP 12.49; Global High Income, $8.31; Japanese
Equity Core, $.970; UK Equity, GBP 3.77.
JPMorgan Fleming: JF Eastern Smaller
Co., $45.01; JF Japan, JPY 9,478; JF Japan Equity, $8.67;
JF Japan OTC, JPY 667; JF Japan Smaller Companies, JPY
24,037; JF Japan Technology, JPY 25,825; JF Korea, $15.76;
Pacific Securities, $112.90; Pacific Smaller Companies
$11.58; Global Bond & Currency, $20.82;
JF America, $27.23; JF Europe, $22.18; JF Germany, EUR
12.76; JF Global Equity, $21.71.
PCP: North America, $10.08; Europe,
$13.33; Emerging Markets, $12.79; Balanced, $7.03; Aggressive,
$5.84.
Platinum (updated once a month – September 2008
Prices): All Weather, $130.87; Equity Plus, $88.83;
Prot. Equity Plus, $79.13; Prot. Income Plus, $84.92;
Cap. Prot. Income Plus A, $88.20.
Scottish Provident: Adventurous 1,
GBP 1.956;
Balanced 1, GBP 1.744; USD Adventurous 1, $1.231;
USD Balanced 1, $1.485; USD Cautious 1, $1.584; For
Preference: Baring GUF Eastern Europe, $43.67;
Fidelity Funds International, $19.260; Invesco Asian
Equity Core, $2.400.
CommStock Trading Ltd
PO Box 7777
Jerusalem 91077
Tel: +972-2-6244963
Fax: +972-2-625 9515
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