Dreary Day for Gold, Oil — Wednesday’s IP Market Recap

by Kyle Woodley | December 14, 2011 4:44 pm

Dreary Day for Gold, Oil — Wednesday’s IP Market Recap

IPMarketRecap Dreary Day for Gold, Oil    Wednesday's IP Market Recap[1]The European hangover continued into Wednesday, with fears about decreased government spending across the euro zone taking its toll on commodities. Oil futures were down about $5 per barrel, and gold prices fell below $1,600, breaking its 200-day moving average[2] for the first time in almost two years — taking down numerous funds and stocks as a result.

Across the oil world, powerhouses like Chevron (NYSE:CVX[3]) and Hess (NYSE:HES[4]) were sustaining losses, to the tune of 3% and 4%, respectively. The drop also was reflected across oil-based funds, such as the iPath S&P GSCI Crude Oil Total Return (NYSE:OIL[5], -5.23%), the PowerShares DB Oil Fund ETF (NYSE:DBO[6], -4.83%) and the United States Brent Oil Fund (NYSE:BNO[7], -4.39%).

Much that was gold didn’t glitter, either, with the SPDR Gold Trust (NYSE:GLD[8]) down around 3.5% and the iShares Gold Trust (NYSE:IAU[9]) down almost 4%. Miners were especially burned, with Yamana Gold (NYSE:AUY[10]) down almost 6% and NovaGold (AMEX:NG[11]) shedding 5.6%. Silver suffered, too, with the iShares Silver Trust (NYSE:SLV[12]) down about 6%, but those betting against the metal today through the ProShares UltraShort Silver ETF (NYSE:ZSL[13]) had one of the biggest upside surprises of the day, gaining almost 12% on their investments.

The solar sector wasn’t faring much better Wednesday after First Solar (NASDAQ:FSLR[14]) reduced fiscal year forecasts for the third time this year and saw shares shredded by more than 21%. A number of factors have weighed on solar stocks[15] for some time, but First Solar’s news was a strong catalyst that bombed companies like SunPower (NASDAQ:SPWR[16], -16%) and Suntech Power (NYSE:STP[17], -4.17%).

Three Up

Three Down

As of this writing, Kyle Woodley did not hold a position in any of the aforementioned stocks. Check out our list of previous IP Market Recaps[25].

Endnotes:
  1. [Image]: http://investorplace.com/hot-topics/investorplace-market-recap/
  2. breaking its 200-day moving average: http://investorplace.com/2011/12/spot-gold-prices-spot-silver-prices-gld-miners/
  3. CVX: http://studio-5.financialcontent.com/investplace/quote?Symbol=CVX
  4. HES: http://studio-5.financialcontent.com/investplace/quote?Symbol=HES
  5. OIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=OIL
  6. DBO: http://studio-5.financialcontent.com/investplace/quote?Symbol=DBO
  7. BNO: http://studio-5.financialcontent.com/investplace/quote?Symbol=BNO
  8. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  9. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  10. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  11. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  12. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  13. ZSL: http://studio-5.financialcontent.com/investplace/quote?Symbol=ZSL
  14. FSLR: http://studio-5.financialcontent.com/investplace/quote?Symbol=FSLR
  15. have weighed on solar stocks: http://investorplace.com/2011/12/sun-might-be-setting-on-solar-stocks-fslr-tan-ldk-spwr-stp/
  16. SPWR: http://studio-5.financialcontent.com/investplace/quote?Symbol=SPWR
  17. STP: http://studio-5.financialcontent.com/investplace/quote?Symbol=STP
  18. VRTX: http://studio-5.financialcontent.com/investplace/quote?Symbol=VRTX
  19. AVP: http://studio-5.financialcontent.com/investplace/quote?Symbol=AVP
  20. Read more about Avon ousting its CEO and whether AVP is a safe stock here.: http://investorplace.com/2011/12/avon-surges-on-ceo-change-but-avp-stock-still-shaky/
  21. DAL: http://studio-5.financialcontent.com/investplace/quote?Symbol=DAL
  22. S: http://studio-5.financialcontent.com/investplace/quote?Symbol=S
  23. SCHW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SCHW
  24. SHLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=SHLD
  25. IP Market Recaps: http://investorplace.com/hot-topics/investorplace-market-recap/

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