Dennis Elam

1 week ago | oaoa.com | Dennis Elam

If oil prices fall further into the $50 range, you have the potential to bring U.S. production down. — Andy Hendricks, Economist at Patterson UTIMay crude touched $55 this week recovering to around $60 today (Friday). The percent of energy stocks in a bullish pattern fell from 70% to zero to 4% today. Momentum indicators have yet to bottom. Apache (APA) has been cut in half since last summer now trading at $14.19. Every energy stock in my extensive list is trading down today.

2 weeks ago | oaoa.com | Dennis Elam

Eventually we will find a bottom and start to recover, I hope. — Senator John Kennedy FridayThis column has warned of a massive top forming in the markets. It is happening now. An old saying holds that markets are governed by hope, fear, and greed. The Senator is already at the hope level. I would add another emotion between greed and hope. That emotion would be complacency. And that is where we are now with the majority of investors.

3 weeks ago | oaoa.com | Dennis Elam

The NFIB recently reported the net percentage of businesses raising average selling prices rose 10 points between its January and February surveys, which was the largest one-month increase since April 2021. Those results are consistent with reports from Eighth District business leaders who tell us they expect to pass higher materials costs on to their customers. — Federal Reserve Bank of St. Louis President Alberto MusalemThe stock market has been rallying since March 13.

1 month ago | oaoa.com | Dennis Elam

The Dow Industrials topped late in January. The Index declined in a first wave by losing 4,000 points. A counter trend second wave followed to the upside. The peak at 42,250 was recorded yesterday (Thursday). This is shown on my free weblog at themarketperspective.com. The Industrials have been down over 400 points this morning. All major indexes are in decline. It may be that the correction has ended and the down trend has resumed. Yesterday I saw a market strategist present his take on the economy.

1 month ago | oaoa.com | Dennis Elam

Wiliam Devane finally has his day. The well-known actor is now a pitchman for a firm selling gold and silver. As he points out the US debt has only exceeded the gross domestic product twice, in WW II and now. While those firms tout gold coins as a s store of value, they talk about the ask price but never the bid, what they would pay to buy the coins back. As paper assets fell across the board, gold finally hit $3,000. But not so fast.