The Closing Look
Stock Market Commentary:
Stocks fell hard last week and especially on Friday. Oil prices plunged to the lowest level since 2008. The major indices broke below key support areas at their respective 50 day moving averages. This only adds to the recent misery in most of the market sectors. We will have a full report for you this weekend which will outline in depth what we are seeing and how this market is building a very large topping pattern. Looking forward, the Fed is meeting next Wednesday 12.16.15 and Janet Yellen will be hosting a press conference after the meeting. The Street expects the Fed to raise rates by a quarter point but they have been telling us they are going to raise rates all year but continue to do nothing.
Stocks fell hard last week and especially on Friday. Oil prices plunged to the lowest level since 2008. The major indices broke below key support areas at their respective 50 day moving averages. This only adds to the recent misery in most of the market sectors. We will have a full report for you this weekend which will outline in depth what we are seeing and how this market is building a very large topping pattern. Looking forward, the Fed is meeting next Wednesday 12.16.15 and Janet Yellen will be hosting a press conference after the meeting. The Street expects the Fed to raise rates by a quarter point but they have been telling us they are going to raise rates all year but continue to do nothing.
Gary’s Thoughts: We started telling you about 2 weeks ago that markets were starting to act like they did before the August meltdown. Unfortunately, they have followed suit. Narrow markets are always easier to sell off. Of course, we have the Fed to save the day on Wednesday? (Notice the question mark!) All that is happening here is the bad is getting badder and the good is topping out. Stay tuned. Big report this weekend covering everything you need to know.
With oil prices so low, why haven’t we seen it here in FL. In Texas and states west of here, the price at the pump is commonly $1.75/gal. Is our state tax that high, 20 cents per gallon?
Michael, be glad you don’t live in Washington state. Our state gas taxes now up to 44.5 cents a gallon, adding in the current federal gas tax of 18.4 cents, the total per gallon gas tax in Washington is now 62.9 cents. Soon, they will add a per mile driven charge to that. That’s when I move. I paid $2.20/gal.
state gasoline taxes will make one state higher than another.
I travel between Pennsylvania and Delaware
price per gallon is approximately 20-25 cents higher in pa.
state gasoline taxes under horrible state government for quite some time. we rank second highest in government payroll/other costs and are typically inefficient to help taxpayers.