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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

12/11/15

No bottom in the price of oil just yet. Chevron Corporation (CVX) is one of many dogs in the oil patch down 3% today. There is not much the company can do right now except hunker down and wait for the price of oil and fundamentals to improve. The price per barrel of crude oil dropped to a seven year low back or the financial crisis levels when nothing was going right. Today it's not demand, but more of a glut of supply of oil that causing all the problems. OPEC and in particular Saudi Arabia could change all of this, but they're trying to inflict some pain on US fracking companies. The number of active oil rigs in the US decreased by 28 this week dropping to new wells in service. Eventually we'll bottom, but not yet.

 

It's almost time for taxes and that PDF reader and digital signature software from today's diamond of the day, Adobe Systems (ADBE). Adobe is up 3%, one of the few diamonds today, after beating analyst estimates.  Adobe offers products for professionals, marketers, application developers, enterprises and consumers for a wide variety of content. They operate under three segments: digital marketing, digital media and print and publishing. At least they're seeing strong sales.

Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.