Wednesday, March 29

Crude oil gains continued throughout the day, with Chesapeake Energy (CHK) gaining a staggering 7.79% during today’s session. This gives them a sudden month long high, but most of those gains will be given back tomorrow. The financial sector lagged on continued pressure on treasury yields, though the Fed hasn’t taken any action yet.

The biggest news of the day came out of England as parliament and the English prime minister formally declare their intention to leave the European Union in accordance with the ‘brexit’ vote over the summer. Since this was essentially bound to happen it failed to have a significant impact on world markets, but now that the process of a formal exit has begun we can expect further market moving events as negotiations between the English government and the EU leadership move forward.

El Salvador also made world news as it became the first country to ban metal mining. That isn’t a typo – El Salvador’s congress banned all mining for any metallic substance by any means. This should have come as very bad news for Pacific Rim Mining and their parent company OceanaGold (OTCMKTS:OCANF) but they saw strong gains up 2.7% in trading today. They are falling in after hours, and if you can find shares to short they are most likely a strong candidate for a short tomorrow.

 

 

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